Greece proposes electricity market reforms and utility charge reductions

The Greek Ministry of Environment and Energy has placed a new bill, titled ‘Improvement of the electricity market design’, under public consultation until October 24. The legislation aims to integrate EU Directive 2024/1711 and create a more transparent and stable energy market.

Key measures include a 50% reduction in Public Utility Services (YKO) charges for residential consumers within the first consumption scale. This reduction is facilitated by the gradual interconnection of Greek islands with the mainland power grid. Additionally, the bill proposes the establishment of an Islands Decarbonization Fund with 2.3 billion euros in resources.

To protect consumers, suppliers will be legally required to offer fixed-price contracts for at least one year, during which terms and prices cannot be unilaterally changed. The bill also introduces protections against power disconnections during dispute resolution processes, increases the representation period for the Last Resort Supplier to at least six months, and allows households and businesses to share renewable energy through private agreements or joint legal entities.