
Athens is heading to the extraordinary council of energy ministers of the E.U. next Friday, September 30, with two demands. The European Commission’s “package” of measures to deal with high energy prices is on the agenda of the extraordinary council.
According to information available to OT, at the crucial meeting of the 27 ministers, Greek energy minister Kostas Skrekas will express the Greek government’s support for the Commission’s draft regulation, seeking, however, in two of the three proposed measures, improvements to the provisions for the benefit of the policy followed in the country for supporting households and businesses.
What the Greek side seeks
The proposed measures of the Commission and the aims of the government are:
1. The imposition of a revenue cap on power generation technologies, except for natural gas plants.
The European Commission considers that electricity producers using RES, nuclear power, coal, water without storage, geothermal and biofuels have windfalls due to low production costs. In these units, it proposes a maximum payment limit for producers with a price of 180 euros per Megawatt hour.
Greece is the first country to implement this measure, having also imposed a cap on natural gas. It therefore requests to be exempted from the Commission’s proposal and to maintain the upper limit for this technology. As well as continuing to implement the revenue recovery mechanism model it started in July.
However, the government has prepared that if it does not get an exception, specifically for the ceiling on natural gas, it will continue collecting revenue from the imposition of a fee of 10 euros per Megawatt hour on the quantities of gas used by electricity generation. The revenues amount to 400 million euros per year.
2. Mandatory electricity demand of 5% in peak hours and with voluntary measures of 10% for the total consumption.
Greece claims, according to information, that the reduction in peak hours – a measure concerning energy-intensive industry – be optional. It is noted that heavy industries will be compensated when they reduce their electricity consumption.
3. The imposition of an extraordinary 33% tax on the excess profits of oil refineries for 2022.
The Commission considers as extraordinary profits those in excess of 20% compared to the average of the previous three years. Minister Kostas Skrekas last Saturday in his statements to SKAI television, said that the government will implement the regulation and the specific provision.
Greek refiners are reacting to this proposal by asking that the profits derived from the obligation to keep stocks and exports be exempted from taxation.


Latest News

Greece Faces Renewed Fears of Water Crisis Ahead of Summer 2025
Following a prolonged drought that began in 2024, fears of a water crisis highlight the urgent need for infrastructure improvements

Harvard, Yale, Columbia, and More Seek Collaboration with Greek Unis
Greece's former Minister of Education Kyriakos Pierrakakis announces an €82 million funding boost to support the partnerships

Greek Government Reshuffle Brings in More Young Technocrats
Greek PM Mitsotakis has brought in younger leaders and technocrats in a bid to accelerate the government's efforts at modernization and efficiency, according to New Democracy insiders

Greece’s New Government Members Sworn in at Presidential Mansion
Greece's new government members were sworn in on Saturday morning and head straight to work through the first meeting of the new cabinet.

Moody’s Upgrades Greece to Investment Grade, Ending Crisis Era
The rating agency raised Greece’s long-term credit rating to Baa3 from Ba1, with a stable outlook.

EFET on World Consumer Day: Humanity Faces New Challenges
This year’s message emphasizes the need for a transition to sustainable lifestyles while safeguarding consumers’ legally recognized rights. This means ensuring access to essential goods such as food and energy, as well as health and safety.

Athens Hotels Lead Europe in Value Growth for Third Year
Over the entire period from 2015 to 2024, the average annual increase in hotel value was 6.1%.

Unemployment Rate in Greece Down 8.9% in January: IOBE
The unemployment rate in Greece recorded a further decline in January 2025, reaching 8.9%, according to the latest Foundation for Economic & Industrial Research (IOBE) report.

Demand for Short Term Rentals in Greece Surges Ahead of Easter
Among the most popular Easter destinations from Good Friday to Easter Monday are Corfu, Hydra, the Peloponnese, Ioannina, Patmos, Loutra Edipsou, Kavala, Thassos, and Pelion

Opposition Reacts Strongly to Greek Government Reshuffle
PASOK's spokesperson, Kostas Tsoukalas, characterized the reshuffle as a clear indication of Mitsotakis' "strategic deadlock."