Greek electricity utility Public Power Corp SA (PPC.AT) said Tuesday that the local Regulatory Authority for Energy, or RAE, has approved its proposed tariff hikes to be implemented from the start of 2011.
“There will be an 11% tariff rise for retail customers that consume up to 800 kilowatt-hours and the average increase in bills is estimated at an additional EUR5.50 every four months,” PPC said in a statement.
Greek consumers will also be hit by a VAT increase on electricity bills to 13% from the current 11% imposed. This is contributed to lagging state revenues and reduce sizeable budget deficits.
Highly subsidized tariff for farmers will increase by 6%. They will still give some preferential treatment compared to other household and business segments.
Consumers in “socially vulnerable groups”, such as the unemployed and low income earners or pensioners, will see rates fall by as much as 30 percent, according to the statement.
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