Greece energy update in 2022
(Article by Mira Todorovic Symeonides, Partner, and Athina Zoi, Associate published in the Energy & Natural Resources Newsletter of the ILO on February 13, 2023)
Introduction
In 2022, Greece faced an extraordinary increase in energy prices which required immediate state measures. Electricity grid operators
struggled with an overload of applications for connection to the grid and insucient grid capacities. Subsequently, electricity producers
faced significant delay in resolving various priority issues for connection to the grid. The state increased its regulatory activity with
respect to the promotion of the green transition, regulations relating to offshore renewable energy systems (RESs) and electricity
storage.
This article outlines the most important legislative updates that took place in the electricity market in Greece in 2022.
Electricity markets – facing increased electricity prices
Energy Transition Fund
In March 2022, the minister of environment issued a decision regarding the nancing of the Energy Transition Fund, which was
established to temporarily fund consumers’ electricity and gas bills.(1) The administrator of the fund is the Administrator for Renewable
Energy Sources and Origin Guarantees SA (DAPEEP SA), and the fund would derive from:
the state budget; and
the special fund for RES and high efficiency combined heat and power cogeneration (HE CHP) systems.
Financial support for consumers
In May 2022, the first financial support to electricity final consumers (ie, households) was introduced to cover the period from 1
December 2021 until 31 May 2022.(2) The amount due to consumers was to be transferred to their accounts as a discount from the
electricity suppliers.
Levies on producers
In June 2022, extraordinary levies were imposed on producers participating in the markets from October 2021 until the end of June 2022.
The levies were equal to 90% of the positive difference in the prot margin of the same month in the previous year.
Refund of profits
In July 2022, the above measure was replaced by a temporary measure that would refund the part of the prots acquired on the day-
ahead market from the end of June 2022 until the end of June 2023 that was above the administratively determined electricity price.
Electricity supplies measures
In 2022, Greece introduced two measures on electricity supplies. For further details see, “Greece introduces emergency intervention
measures in electricity supply sector to combat energy crisis”. The first was introduced in June 2022 and suspended the application of
the so-called “adjustment clause” included in supply agreements. This clause enabled suppliers to increase the electricity price paid by
the end consumers to match each increase in the wholesale electricity price, and notify consumers of the adjustment.The second
measure, introduced in November 2022, provided that electricity suppliers must pay an extraordinary contribution if they have particularly
high incomes (ie “surplus revenues”) between 1 August 2022 and 1 July 2023) (the same period as the suspension of the adjustment
clauses).Both measures are temporary and aim to deal with the energy crisis, support consumers and boost the operation of the
energy market.
Other measures include:
- reducing the electricity consumption of the state administration and improving the energy eciency of public buildings introduced
in September 2022; and - reducing electricity demand, boosting smart readiness and developing energy efficiency.
Many other measures are continuing to encourage prosumers, net metering and energy communities. Corporate power purchase
agreements will potentially be included in the Energy Exchange over-the-counter market, regulating offshore wind and solar energy and
further regulating energy communities.
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