Current: The most important points of the Skylakakis speech
- How are electricity prices determined?
- In the European market from the cost of electricity and demand.
- It is based on the free formation of prices in the market and applies to all member countries. You can’t have a monopoly.
- RES leads in the long run to a drop in prices, but this is about new RES.
- Lignite and natural gas prices are shaped by pollutant prices and pan-European gas prices.
- In addition, the prices in a system with RES depend on the fluctuations of the weather. With the heat there is worse productivity and when there is a dry winter.
- In terms of demand, they range from 4,000-10,000 megawatts.
- In autumn and spring it is close to 4,000, in summer 8,000-9,000
- A third factor that affects us is connections and what is happening abroad. This is for wholesale prices, the consumer sees retail prices
- What we have done and planned in the last year for electricity prices.
- Colored invoices brought transparency. Do citizens know what the providers’ prices are?
- We gave targeted subsidies and introduced a social tariff for those with many children
- Establishment of a GAIA tariff for farmers at low prices for a 10-year period
- At this time it is beneficial for the farmers to enter the farmers yesterday. I urge them to enter by the end of July.
- Strict measures for electricity theft. The aim is to reduce the final burden on consumers.
- We ended the subsidies of RES
- Initiative and industrial
- We held two contests for the batteries
- Storage is very important because we can cut those big spikes by transferring cheap power from renewables at midday
- 130 euros average price for seven months (January-July)
- What happened after 11the July
- Combination of persistent heatwave in Greece
- Unexpected heat wave from Ukraine to all the Balkans
- Increased demand from Ukraine because their production structures have been destroyed
- Eastern Europe does not import cheap energy from Western Europe
- And expensive prices from Hungary and Romania are going down to the South
- The duration of this phenomenon will last a few more days
- August futures prices show a de-escalation in both Greece and Hungary
- Jump to 180 – Today we crossed 200
- We have the same prices in Bulgaria and higher prices in Hungary and Romania
- We make small exports to the North in the evenings
- We import from Italy to which we also export
- June 30, 2024, the regulation for imposing a ceiling on producers ended
- The new directive provides for an emergency mechanism but it cannot be implemented
- We have no cost increase
- We have an increase in demand and an inability to meet the supply
Current: The 3 measures announced by the government against punctuality
- Emergency end to natural gas power generation. This tax will be imposed for at least 2 months, July and August.
- Household subsidy for August. The announcements about the amounts will be made at the end of July and the beginning of August to see how the wholesale and retail prices will fluctuate.
- We will put in place in favor of consumers an additional provision for intervention mechanism for distortions that come and recur. Obviously with committee approval.
The Deputy Minister of Environment & Energy, Ms. Alexandra Sdoukou pointed out that the money that will be collected from the imposition of an extraordinary tax on natural gas energy producers will be channeled to the Energy Transition Fund. The floating tariffs (ie yellow and green) are the ones that will receive the August subsidy. At the moment, the amount of the subsidy cannot be announced, however as Ms. Sdoukou pointed out, the consumption limit of the subsidy for domestic consumers will be 500 kilowatt hours. Finally, he emphasized that social tariffs will be subsidized with higher prices.
What is the cause of the new price rally?
Apart from the conditions that create increased demand every summer, a particularly aggravating factor at the given moment is the reduced transport capacity in a series of electrical interconnections in central and southern Europe (Serbia-Hungary and Bulgaria-Romania), in combination with the increased demand of the respective markets, due to high temperatures.
In particular, the problem of increased energy prices that Greece is facing comes primarily from the wider Balkan region. And that’s because at a time when energy demand is peaking in the Balkan region due to the heatwave, interconnection problems are reducing available energy. Practically, this means that the increase in the price of energy is due both to the current situation and to the high offers in the Greek market. At the same time, RAEEY is already conducting an investigation into the price increases in electricity, in order to establish what is causing the extreme fluctuations in wholesale prices.
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