A spike in wholesale electricity rates across Europe this week, which were even more pronounced for Greece, in tandem with recent power outages and shortages across southeast and central Europe have raised alarm bells within the Greek government, with another round of subsidies now considered.
The development also follows widespread dissatisfaction by numerous business owners in the country who were called upon last week to reimburse past power subsidies.
The price for electricity on Monday, July 15, 2024, increased by 37% from the previous rate, to close at 191.13 euros per MWh.
A closely watched meeting is scheduled for Tuesday, chaired by Prime Minister Kyriakos Mitsotakis at the Maximos Mansion with the energy and environment ministry’s leadership, to discuss skyrocketing wholesale electricity rates.
According to reports, the government will resume an electricity subsidization program, given that forecasts cite disruptions – i.e. higher rates – for electricity until the end of the summer.
Consumers that chose – or didn’t choose and were, by default, lumped into the “green” program – the variable rate (green) program or a special program are expected to see major increases for power prices next month, August.
Source: tovima.com
Latest News
ELSTAT: 6.3% Increase in Output Price Index for Agriculture and Livestock
The 6.3% rise in May 2024 is largely driven by an 8.8% increase in the crop output group, particularly due to changes in olive oil prices, and a 0.5% increase in the animal output group.
Balkans Blackout Highlights Climate Threats to Power Grids
The surge in electricity demand during the heat wave and the power deficit in Balkan markets have driven up prices in the Greek wholesale electricity market.
Greece in Top 4 Destinations Favored by European Tourists
Greece was selected by 5.9% of respondents who were asked where they would vacation this year, up from 5.4% in the same survey last year
Scope Affirms Greece’s BBB- Ratings; Revises Outlook to Positive
The international ratings firm raised Greece to investment grade in early August 2023
First Seaplane Test Flights to Skopelos, Alonissos, Skyros
After decades of on-again, off-again efforts to schedule regular seaplane routes to Greece's numerous island and coastal destinations the prospect now appears within sight
ELSTAT- Overall Import Price Index for May 2024 up 2.8% y-o-y
The same price index had decreased 20.8% from May 2022 to May 2023
Over 7 in 10 Employees Feel Their Contributions Are Not Appreciated
Specifically, the option "Subjective opinions are prioritized over objective data" ranked highest in importance for young employees, with a score of 3.89 out of 4
OECD: Job Vacancies on the Rise in Greece
By the fourth quarter of 2023, job vacancies per unemployed person had risen by more than 4, with the index reaching 446 units compared to 100 units in late 2019
OTE Group: FTTH Program Advancing in Semi-Urban and Rural Areas of Greece
This initiative will provide ultra-fast internet speeds of up to 1Gbps to over 350,000 households and businesses in semi-urban and rural areas across the country
DESFA: Domestic Natural Gas Consumption Up 29.76% in 1st Half of 2024
However, overall demand for natural gas saw a slight decline of 7.14%, primarily due to reduced exports