Greece: Energy crisis measures extended

, SEE Energy News

Greek Ministry of Energy will extend the emergency energy crisis measures in the wholesale electricity market until September. The mechanism for windfall earnings of electricity producers was supposed to expire on 1 June, while the suspension of a price adjustment clause was due to expire on 1 July. Both of these measures will be extended until 1 September.

As the energy crisis weans, these emergency measures have become less crucial with minimal reduction in retail electricity prices for households and businesses and minimal benefits from windfall taxes levied on energy producers.

In April, 46.3 million euros were collected for the Energy Transition Fund. Of that amount, 41.7 million euros were from RES producers. It is estimated that these measures cost Greece more than 300 million euros, Around 150 million has already been transferred to consumers.

These costs will continue to rise, since the EU extended the obligation to maintain a certain amount of gas in storage until March 2024. Greece has no gas storage and has to lease the necessary volumes abroad.

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