Electricity producers to pay over 373 million euros on windfall profits

Electricity producers owe 367,067,027.54 euros in total for the extraordinary levy of 90% imposed on them by the government as part of a support package to offset soaring electricity prices, Finance Minister Christos Staikouras said Wednesday.

This amount is based on the increase of their gross profit margin for the period October 2021-June 2022 and is payable until December 30, 2022.

According to the minister, in the next few days the remaining amounts calculated by tax offices, amounting to 6,478,194.19 euros, will also be confirmed. Thus, the total amount of the extraordinary levy for the period in question amounts to 373,545,221.73 euros.

Staikouras said that from July 2022 until the end of November 2022, the amount of 2,568,412,721.83 euros has been collected through the excess revenues’ withholding mechanism on the energy exchange, of which 979,692,524.78 euros concerns excess profits from natural gas, lignite and hydroelectric technologies and 1,588,720,197.05 euros concerns excess profits from Renewable Energy Sources (RES).

Based on the above and excluding RES, profits totaling 1,353,237,746.51 euros have been withheld from the electricity generation companies.

[AMNA]