Greek Homes, Businesses Suffer Electricity Price Hikes

Greece’s Environment and Energy Ministry has announced more increases in electricity prices for residences and businesses.

Following on the heels of electric price increases of about 9 percent in 2012, households are getting hit with another 9 percent increase in electricity bills , while commercial customers will suffer increases of 10-15 percent. The just-announced rate hikes are retroactive from January 1.

The government is trying to cover the $360 million cost of transmission rights of state-controlled Public Power Corporation (PPC), according to Reuters. Also, under the terms of the European Union and International Monetary Fund bailout, the government had to raise its regulated power prices last year to reflect the true cost of energy generation. Now those creditors are insisting on more price hikes.

The increase in electricity prices also includes carbon emission charges, which are now passed on from electricity producers to consumers, and also includes a levy for renewable energy development.

Further rate hikes in Greece are expected on May 1 and on July 1.

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