The amendment, introduced late last Friday, paves the way for bilateral contracts for the supply of electricity (BPD). between renewable energy producers and energy-intensive industries. The provision partially satisfies the industry’s demand for bilateral physical and virtual supply contracts. According to the amendment, from March 1 and at the latest from March 10, the income of electricity producers received from the sale of the amount of energy from RES through contracts with energy-intensive industries. Minister for the Environment and Energy Kostas Skrekas also announced yesterday another measure to reduce the energy costs of energy-intensive industries. According to him, in accordance with the temporary program of state assistance, it is planned to provide assistance to the economy after Russia’s attack on Ukraine. Industries operating in sectors that are considered particularly vulnerable to loss of competitiveness due to the energy crisis (metallurgy, cement, aluminium, paper, glass, etc.) and have not entered into fixed rate contracts for more than 12 months and will not enter into bilateral physical contracts with electricity producers, they will be subsidized for the energy they consume in the amount of 50 EUR/MWh for the whole of 2023. The condition of the subsidy is that an increase in the cost of electricity results in a 40% reduction in margins or a negative operating margin for their operations.

The provision of the same amendment reduces the €10/MWh special fee charged for the production of electricity from natural gas in November 2022. The new price is set at 5% of the arithmetic mean, expressed to two decimal places, of average daily prices. TTF, per month of supply and will not exceed 10 euros per MWh. Another provision restores the taxation of energy suppliers of any excess profits from August to December 2022. The taxable period definitively excludes January 2023, as Minister Kostas Skrekas recently announced to justify the delay in implementing the law. measure based on its original establishment.

The new rules include a program to subsidize the replacement of domestic hot water production systems with solar thermal systems.

The new procedure provides for the payment of 60% of the emergency fee by March 31 and the collection of the remaining 40% after the end of the temporary mechanism for the return of part of the proceeds from suppliers, i.e. in 2023. The amendment also provides for the announcement of a Productive Green Economy Investment Program to support productive investment in the manufacturing and production of new mechanical and process equipment to promote a green economy, innovation and a low energy economy with an environmental footprint in the context of the Recovery Fund. There is also a program to subsidize the replacement of domestic hot water production systems with solar thermal systems. Appropriate actions will be announced by decision of the Minister of Environment and Energy and relevant ministers, as appropriate.

In many of the finally rules included in the energy bill, which was tabled last Thursday and in just four days by the Foreign Office, the ban it imposes on new blocks of natural gas is highlighted next to a window that opens to converting existing permits into licenses for storage. In particular, Article 52 provides that licenses issued without securing a connection offer automatically cease to be valid, and new licenses are not issued from the moment the law comes into force. Units that have a connection offer but have not been put into operation or trial operation can be converted into energy storage permits until June 30, 2023 with a validity period not exceeding half the validity period of the existing permit.