Consultations between competent ministries on scope subsidies they delayed their announcement beyond the usual interval of two to three days after suppliers released electricity rates on the previous month’s 20th for next month’s consumption. Minister for the Environment and Energy Kostas Skrekas this morning, eleven days after the supplier tariffs were released, will finally announce consumption subsidies in February, which will be significantly lower than in January, after the de-escalation wholesale electricity price led to a nominal kilowatt-hour price 60% below the current price.

subsidy package which will finally be announced today by Minister Kostas Skrekas will also include industry, which was excluded from the original planning, a decision mainly based on the need to save available funds from the state budget for a number of other social benefits that have already been announced. This is because the wholesale market price cut to EUR 191.79 in January from EUR 276.69 in December 2022 has reduced its revenue. Energy Transition Fund (ETF) which is the main source of subsidies, to 107 million euros from 315 million euros in December.

The leak of the industry zero subsidy decision in February, days after a joint letter from 9 industry associations led by the BSE to the Prime Minister on the impact of the energy price hike, caused great dissatisfaction and irritation in the industry, which According to reports transferred to the relevant state authorities. Following this, Minister Kostas Skrekas is also expected to announce today a subsidy for industrial tariffs, the amount of which was subject to consultation until late in the evening and dependent on available funds, with information of 20 euros/MWh from 130 euros in January. Subsidized residential tariffs for the first 500 kilowatt-hours will be significantly lower, namely 4 cents/kWh, from 33 cents/kWh in January, and consumption over 500 kilowatt-hours will only be subsidized if a saving of 15% is achieved on compared to February 2022.