"electric shock": expected jump in electricity prices by almost 40%!

A 39.67% jump in wholesale electricity prices is expected to occur on Monday 7 November. As reported in the main newsletter OPEN Giannis Foskolos, the wholesale price of electricity is expected to reach 205 euros per megawatt hour.

For the second time in November, the price of electricity rises above 200 euros. It is not yet clear how this increase will affect consumers’ electricity bills.

Energy bill subsidies for November were set at 23.8 cents per kilowatt-hour for monthly consumption up to 500 kilowatt-hours, which is the same as 90% of households (before the cold starts).

Environment and Energy Minister Kostas Skrekas said when announcing the subsidies on Thursday morning, the government is absorbing most of the increase by keeping retail prices affordable.

In fact, if consumption is reduced by 15%, an additional subsidy of 50 EUR/MWh will be provided.

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