Electricity: Big reductions in November – Prices by supplier

Electricity: Reduced electricity tariffs for November – Prices at ten suppliers.

Electricity prices for November have been cut by suppliers, although the final cost to the consumer will not be known until the government announces subsidies next month.

The initial charge of electricity tariffs for November from the largest energy provider, PPC, is 0.39700 euros per kilowatt hour. Protergia announced a price of 0.395 per megawatt-hour with the fixed rate at 5 euros, while Elpedison, depending on the program, announced electricity prices from 0.38 euros to 0.4134 euros. On the other hand, the charge for November announced by Elin is 35% lower than the October tariff. Specifically, the electricity price for the next month is 39.5 cents per kilowatt hour (compared to 59.9 in October), while the fixed price is 4.9 euros.

See detailed electricity charges announced for November by six other suppliers:

Heron 43.9 – 47 cents per kilowatt hour (from 62 – 69.8)
NRG 37.5-41.5 cents per kilowatt hour (from 57.9-59.9)
Watt&Volt 40.6 minutes per kilowatt hour (from 58.9)
Natural Gas of Greece 35.5-36.7 cents per kilowatt hour (from 57.4-58.6)
Volterra 42.8 cents per kilowatt hour (from 68.5)
Zenith 38.5 cents per kilowatt hour (from 58.9)

The reduction in tariffs reflects the drop in natural gas and electricity prices on the Stock Exchange.

The final charges for consumers will come after the government subsidies are announced.

Justifying forecasts for a dive in charges next month, the starting price drops significantly – even more than expected – by 33.2%, as from €0.595 a kilowatt hour in October drops to €0.39700 (with a fixed €3.5 ). For large consumptions, over 2,000kWh, the charge is 0.409 euros per kilowatt hour.

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The variations in August electricity prices

These prices are the cheapest that have been announced since August, that is, since the start of the new mechanism that removed the readjustment clause and obliges energy companies to forecast the next month’s prices.

In August the prices were at 0.486 euros per kilowatt hour, they took off in September at 0.788 euros per megawatt hour to decrease in October and even more in November.

How we got to the price cut

It is recalled that the electricity prices announced yesterday by the providers for November will be considerably lower than the October prices, as a result of the de-escalation of the price of natural gas at the TTF hub, which is the pricing base for Europe.

The retreat of the November futures contract to €110 per megawatt hour yesterday afternoon, following a continued unwinding in recent days, will also drive down wholesale power prices. Based on this forecast, electricity suppliers prepare their invoices for the next month at prices 18%-20% lower than those of October.

And several of them seem to be taking advantage of the liquidity “cushion” of September, a month that added surplus income, since finally the wholesale cost had a large deviation from the initial forecasts that led to high prices. In order to avoid the taxation launched by the Ministry of Finance they will seek to use this revenue to strengthen their competitive position by offering low prices. Thus, prices for residential tariffs in November are expected to range from 45-50 cents per kilowatt hour, and possibly below 45 cents, compared to 56 to 70 cents per kilowatt hour in October and 68-80 cents in September.

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This positive development seems to have mainly a direct impact on the state budget, since the costs it will need to pay for subsidies will be limited. In October, a total of 1.1 billion was spent to absorb 90% of the increases and to keep the price per kilowatt hour at 14-17 cents, of which 1 billion came from the recovery of excess revenues of power generation companies and revenues from pollutant auctions , and the 100 million from the state budget.

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