Protergia set to absorb hikes
Some of the wholesale electricity price hikes may well, after all, be absorbed by the market in August, as shown by Wednesday’s announcement by Protergia – Greece’s second largest provider – to keep tariffs unchanged from July levels. In addition, Protergia will also absorb the increases for small businesses, which cannot be subsidized without prior approval from the European Commission.
Officials at the Energy Ministry are now awaiting the decisions of the Public Power Corporation (PPC), as this is by far the largest supplier.
In any case, the stabilization by Protergia of the prices at 15.99 cents per kilowatt-hour for the August green tariff informally also sets a ceiling for the increase of the corresponding PPC rates, which for consumption up to 500 KWh in July is 13.557 cents/kWh. Smaller rate increases will also limit the cost of subsidies the government will be required to pay next month, as it said it will do.
Protergia is the energy flagship of Athens-listed group Metlen (formerly known as Mytilineos) and is Greece’s largest private provider, with a market share of 16.7%.
