The government has legally set a maximum fixed monthly electricity fee of 5 euros

The government has introduced legislative intervention to set a maximum cap on fees for fixed monthly electricity billsMinister of Environment and Energy Kostas Skrekas said in Parliament on Thursday.

“We have established that suppliers must declare the net price of electricity. Finally, we saw that some suppliers were exaggerating the fixed price when setting their net price. That’s why we’re amending today to set a maximum ceiling of €5 per month for fixed payments for suppliers. For a monthly fee, the upper ceiling they can have is no more than 5 euros,” Skrekas said, confirming Kathimerini’s report on Thursday morning.

“Thus, we are reducing tariffs from 15 to 20 euros – some others had higher fixed payments in proportion to consumption, which is wrong – and therefore, by setting the ceiling, we check them,” the minister stressed. He also informed the plenum that legislative intervention would be presented later on Thursday.

The Energy Regulatory Authority (ERA) has informed all suppliers that they must send detailed data confirming the cost orientation of their tariffs by Thursday noon – in other words, how cost-justified the price of a kilowatt-hour is, as well as other fixed payments compared to those , which they had before the introduction of new tariffs.

Prices quoted by suppliers for consumption in August fluctuate from 0.48 to 0.68 euros per kilowatt-hour. Cost to consumers will be limited 0.14–0.17 EUR/kWh after a subsidy of 0.337 cents, declared Skrekas earlier.

Utilities, however, have been watching wholesale electricity price developments since their latest natural gas rally with concern as the chances of falling short of their forecasts and incurring losses that could be unmanageable increase. The drought in Western Europe is also causing further increases in electricity prices.

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