Power rate subsidy set for September

The subsidy on household electricity tariffs has been set at 1.4 cents per kilowatt-hour for September, Energy and Environment Minister Thodoros Skylakakis said in an interview with Mega TV on Tuesday.

This way, he said, the retail prices (based on the tariffs announced on Sunday by the providers) will fluctuate at the same levels or a little lower compared to August.

Skylakakis expressed hope for the de-escalation of wholesale electricity prices in the autumn, as demand drops sharply compared to summer, to around 5.5 gigawatt-hours per day from 7.5-10.5 GWh in the summer months.

However, he pointed out that the energy crisis continues in the wider region as Ukraine absorbs major quantities of energy from neighboring countries, which is something that increases demand and in this case there should be a European intervention, he said.

Otherwise, according to the forecast of the directive and if the crisis continues, there might be intervention at national level.