Energy News – 77th Issue-Amendments to the levy imposed on gas–fired electricity producers
1. Editor’s note
2. Amendments to the levy imposed on gas–fired electricity producers
On 2 March 2023, Law No. 5027/2023 was published in the Official Journal Α΄ 48/02.03.2023, introducing amendments to the Greek energy sector among other regulations.
The Law amends the amount and calculation of the special levy of €10/MWh per thermal MWh on each distributed natural gas-fired electricity generation unit introduced by the law No. 4986/2022 in force from November 2022. The new provision modifies the amount and the calculation method of the special levy in order to be in line with the indicators of market conditions. As a result, this special levy will be calculated at a rate of five percent (5%) of the numerical average of the daily average prices or Title Transfer Facility (TTF) of the delivery month on London working days of the previous moth as an average of bid and offer prices as published in the Independent Commodity Intelligence Services (ICIS) European Spot Gas Markets in the table of the TTF Price Assessment €/MWh with a maximum amount of €10/MWh. The revenues (from the special levy) are used to support electricity consumers by addressing energy costs, to support investments in environmentally friendly forms of energy, technologies for carbon capture and storage or utilisation, and finally, to hedge part of the investment costs in Natural Gas Systems and
Networks.
The revenues (from the special levy) are used to support electricity consumers in the context of addressing energy costs, to support investments in environmentally
friendly forms of energy, in technologies for carbon capture and storage or utilisation, and finally, to hedge a part of the investments’ costs in Natural Gas Systems and Networks.
In regard to the energy sector the Law also:
• provides the ground for the PSO obligation hedging against the risk of energy crises which will be further specified by a ministerial decision to follow;
• extension of the temporary measure – imposition of a special levy on the excess revenues of electricity suppliers – in the amount of 60% of the excess revenues until 31 March 2023 and subsequently on a quarterly basis and the exclusion of physical PPAs from the Temporary Mechanism for the Refund of Part of Day-Ahead Market Revenues.
3. Commission calls on Greece to comply with Directive 92/43/EEC
4. Recently approved Greek State Aid Schemes
5. Law 5037/2023 introducing significant changes to energy regulatory framework
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