Wholesale electricity prices in the Greek market have fallen for the seventh consecutive week, with an average rate of 67.82 euros/MWh on February 12-18, signaling potential cuts in retail rates for March.
Prime Minister Kyriakos Mitsotakis announced a one-off windfall tax on power producers in Greece to subsidize power bills for households amidst rising wholesale electricity prices. The tax will be imposed over the next two months to alleviate the impact of increased power consumption due to higher temperatures and interconnected power grids in Europe.
Mitsotakis emphasized the need for government intervention to address the distorted European power market and pending EU solutions. The energy ministry is expected to release details of the plan soon after the announcement.
The decision follows the extension of a windfall tax on energy companies in 2023 to support low-income pensioners. The move reflects efforts to navigate the challenges posed by climate change and changing energy consumption patterns in the region. [Reuters]