New fire in the November electricity bills

By Harry Floudopoulos

The average price of the wholesale electricity market for the month of October finally closed at 198.32 euros / MWh, according to the official report issued every month by the energy exchange. Compared to September, when the wholesale price of electricity was respectively at 134.73 euros / MWh, an increase of 47% is recorded. Compared to October 2020, when the average price of the wholesale was only 47.22 euros / MWh, the increase jumps to 320%.

What does this increase mean for household and business electricity bills? New activation of the wholesale electricity price clause, which will significantly increase the cost of the next bills that consumers will receive from November for October consumption. In order to understand the magnitude of the difference, before the increases, a household was charged, depending on the provider and the tariff in which it was included, between 6.5 – 11 cents / KWh. Now the electricity in the wholesale without the margins of the companies and the other surcharges, has jumped to 20 cents / KWh, that is, the consumers will see charges of 30 cents / KWh. That is, a monthly bill for 400 kilowatt hours will reach 120 euros. If the 18 euros of the government subsidy are deducted, the monthly cost will reach 102 euros, when last year the cost for the same consumption ranged from 26 to 44 euros, depending on the provider and the invoice.

The spike in the cost of electricity bills, which is expected to occur in the coming months, raises serious concerns about a possible new wave of unpaid bills. And of course there are serious concerns for companies and industries, which will see a new increase in their energy costs.

Finally, it is worth noting that the above costs correspond only to the competitive part of the energy in the electricity bills and do not include the other regulated electricity bills (SGI, ETMEAR, transmission and distribution fees) nor the other bills of the bill (municipal fees, ERT etc).