Electricity prices in Greece will rise by up to 30% in November

Electricity prices are set to rise by up to 30% in November as electricity suppliers in Greece are expected to announce significant new tariff increases for next month.

Apparently, the conflict in the Middle East, as well as the fee introduced by Bulgaria (10 euros per megawatt-hour – this is probably for prefix NATO to the name of the pipeline*) on Russian natural gas put pressure on prices on the wholesale market, as a result of which they reach the electricity bills of households and businesses, media reported on Friday.

The Ministry of Environment and Energy estimates that consumers will face price increases, but these will not be particularly burdensome as subsidies (for households) are still holding down prices and are in place until the end of the year.

The main reason for the increase is the recent increase in gas prices, which occurred in the shadow of the Middle East fire, as well as an explosion (probably as a result of sabotage) on an undersea pipeline between Finland and Estonia. It is significant that the November Dutch hub contract (TTF) is currently “working” at a price of 50 euros per megawatt hour, while the October contract closed at 36.53 euros per megawatt hour.

According to the Minister of Environment and Energy Theodoros Skylakakis, at the end of December the horizontal subsidies that have been in force since last year will end and new subsidies will be introduced, but for certain categories of vulnerable citizens.

The new subsidies will affect large families, expanded categories of vulnerable consumers, and people using electricity for heating, based on the income models used for heating oil subsidies. Announcements on new measures to support the electricity sector are expected to be made next week.

Note that in the last couple of months the subsidies were only a few euros – 3.5 euros for a four-month bill!

Let us remind you that on October 12, the defense ministers of Greece, Bulgaria and Romania agreed to expand NATO fuel pipeline network towards the eastern flank of the alliance. Three ministers – Nikos Dendias, Bulgarian Todor Tagarev and Romanian Deputy Defense Minister Simona Cojocaru – signed a letter of intent on the sidelines of a meeting of NATO defense ministers in Brussels.

The initiative aims to improve the resilience of fuel supply infrastructure on NATO’s eastern flank. The expansion route of the pipeline network into Greek territory (Halkero-Alexandroupolis) and their interconnection will increase Greek influence as part of the Alliance’s core mission of deterrence and defense.

PS Now it’s clear why Bulgaria raised the price of Russian gas…

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