Greece, Government to tax extra profits of energy producers

, SEE Energy News

Greek Regulatory authority for Energy (RAE) is currently examining objections made by energy producers to its proposal for the taxation of extra profits made by energy producers during the crisis.

The regulator is preparing a formula which will calculate excess profits during the ongoing energy crisis, for the period between October 2021 and March 2022. The producers are objecting that some factors have not been taken into account by the initial proposal, such as the discounts offered to customers and losses incurred through fixed prices.

Previously, the Government has proposed the new regulation that will apply 90 % tax rate on excess profits made by energy producers.

According to RAE, the amount of extra profits for the six months period is around 927.5 million euros. State-controlled Public Power Corporation (PPC) is accountable for the majority of this sum, namely for 730 million euros, with independent players like Mytilineos, Heron, Elpedison and minor RES producers accountable for the remainder.