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Excessive profits by Greece’s energy producers estimated at €600 million, finds 6-month RAE audit

Greece’s Energy Regulatory Authority (RAE) has estimated that the excessive profits by electricity producers and suppliers in the country are at 600 million euros an audit report said. The Prime Minister had announced that the super profits will be taxed with 90 percent as a measure to have overcharges returned to consumers.

The audit of RAE covered the entire period from October 2021 to March 2022, while a new audit is expected for the months of April, May and June.

The Authority’s report was handed over to the Minister of Environment and Energy, Costas Skrekas, on Monday.

The government is reportedly expected to announce its conclusions from the audit report on upcoming Thursday.

PM Kyriakos Mitsotakis has been reiterating since mid-April that the excessive profits of the energy producers will be taxed with 90 percent and that these revenues will cover part of the state support measures for households and businesses.

The exact amount that will be taxed is yet to be determined.

It is recalled that according to latest announcements by PM Mitsotakis, the ceiling on the wholesale price of electricity will be activated from July onward.

This is a mechanism to prevent future over-payments and “inflated” electricity bills, Finance Minister Christos Staikouras said last week.

State Minister Akis Skertsos told Skai FM on Monday that “with total respect for the RAE report, we will impose an extraordinary charge, practically a solidarity dividend of the energy producers. In this difficult conjuncture, they should also pay their share.”

The PM and government ministers have said that the support measures to consumers will be covered from three sources: the state budget, the revenues from the Energy Transition Fund and the revenues from the above mentioned charge on energy producers.

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  1. With all this over charging ,would it not be easier to just reduce by law the price to the consumer .
    Or is that too easy .

  2. 600 million euros profit!!
    Is that all?
    I think they should put the price up some more, I wouldn’t want them to lose any of their precious money, perhaps they would like a donation from the people of Greece especially from those people who can barely afford afford to eat, after all we would hate for the top wigs in these companies not to get their pay rises, bonus and company cars, and what ever other perks they get as payment for achieving such profit