February 5, 2023

Athens News

News in English from Greece

Electricity prices expected to fall in February


State Energy Corporation (ΔΕΗ) and other electricity providers announced significant reductions in household electricity bills in February.

The announcement notes that the final consumer price depends on the size of the electricity consumption subsidy announced on a monthly basis by the Ministry of Environment and Energy. It is set at a level that ensures that the final price of ΔΕΗ, which serves as a benchmark since ΔΕΗ is the largest supplier, will be maintained at 15-16 cents per kilowatt hour. Thus, the reduction of the initial price by suppliers means that as long as the target value of the final price remains the same, the amount of the subsidy, which will be announced within a few days, will be reduced accordingly in the next month.

ΔΕΗ announced an initial price of 0.199 euros per kWh for February when consumed up to 500 kilowatt-hours per month from 0.489 euros per kilowatt-hour in January and 0.380 euros per kilowatt-hour in December. This means that the decrease in prices compared to January is about 59.3%.

February prices from other suppliers:

  • Protergia: €248/MWh (188 with a discount for permanence) from €480 and €420/MWh in January respectively.
  • Φυσικό Αέριο Ελλάδος: €188/MWh with permanent discount (from €358 in January) and €251/MWh without permanent discount (from €477 in January)
  • Ήρων: €249/MWh (430 in January)
  • Elpedison: 195 EUR/MWh daily and 188.3 EUR/MWh at night (from 450 and 440.3 respectively).
  • NRG: the company has a program NRG on time with a payment of 191 euros/MWh (with a 15% discount) compared to 409 in January. For the Prime program, the fee is 243 EUR/MWh (440 EUR/MWh in January).
  • Watt&Volt: 245 EUR/MWh (from 459)
  • ZeniΘ: for consumption up to 270 kilowatt-hours 194 euros/MWh (from 465). The charge for excess consumption is 205 EUR/MWh (instead of 475).

The reason for the price reduction for the final supplier was a sharp decline in prices on the wholesale electricity market, which we wrote about last week. According to market operators, prices have actually returned to pre-crisis levels.



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