The energy market reacted immediately to the government’s decision to tax companies’ excess profits, with Protergia announcing the absorption of the increase in wholesale prices and the freezing of retail prices.
In particular, as company sources stated, the decision to maintain the same prices in August compared to July, despite the increase in the wholesale market, “aims” to “signal” to the market that there is another way to make things work.
During the energy crisis and afterwards, any increases in the wholesale electricity market were “translated” almost immediately into corresponding increases in the final charges on electricity bills, testing the resilience of consumers, who saw electricity bills rise to unimaginable levels from month to month.
Same rates despite 45% increase in Protergia wholesale
As stated in a related company announcement, Protergia, a member of Metlen Energy & Metals (formerly MYTILINEOS), revealed that it will maintain the same charges, despite the average wholesale price being expected to close in a few days with an increase of around 45% compared to the corresponding price in July.
In fact, the average price so far is 142.91 euros per megawatt-hour, up from 98 euros in July. The company added that if the Ministry of Environment and Energy decides to subsidize consumers up to 500 kWh, this amount will be deducted in full from these prices. “Protergia’s non-negotiable strategic priority is to provide trust and security to its customers, new and existing, with competitive products and services and of course the reliability of METLEN Energy & Metals, supporting the energy market as a whole,” the company said in a statement.
A special rate, subsidies and PPP
For its part, the Ministry of Environment and Energy is moving forward with the consumer support plan for August, and plans to submit to Parliament next week the legislative regulation on the value of the special tax that it will impose on natural gas power plants.
The revenue raised will be used to finance subsidies for yellow and green domestic electricity tariffs for August and up to 500 kilowatt hours. Authoritative sources make it clear that the amount of the special fee will ultimately be determined by the charges for green tariffs to be announced by providers on the evening of August 1.