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Greece, Champion of Electricity Hikes

electricitybill_300_0412An increase in energy costs of over 60 percent has been recorded in Greece during the last six years of the financial crisis (2008-2013).
The rise in costs is due mainly to a rise in electricity prices, direct and indirect taxes as well as a rise in renewable energy sources (RES) prices. As a result of the price hike, the cost of energy rose approximately 10 percent more on an annual basis than any other European Union country. This was noted on a survey conducted by the Agency for the Cooperation of Energy Regulators (ACER) and the Council of European Energy Regulators (CEER), presented last week in Brussels, one day before the European Summit for Energy and Climate.
As TA NEA newspaper notes, the skyrocketing of energy costs passed on to consumers was mainly attributed to the increase in electricity prices. The average yearly electricity price increase was at 7 percent, while all indirect payments and taxes were almost doubled, at 13.8 percent.
In 2013, countries that experienced an electricity price increase in comparison with 2012, was due to a rise in Renewable Energy Sources prices. In Greece and Lithuania in particular, the increase in RES prices reached 119 and 44 percent respectively.
In absolute numbers however, the cost of energy in Greece remains in the average of the European Union countries’ levels, with Denmark being on top of the list. A household with an annual consumption of 4,000 kWh pays 1,221 euros in Denmark, 1,204 euros in Germany, 1,090 euros in Italy, 947 euros in Cyprus, 901 euros in Ireland and 698 euros in Greece, which is placed in the 14th position among the 28 countries of the Eurozone.
In any case, electricity market competition seems to be functioning properly in Denmark, Finland, Germany, Great Britain, Italy and Norway. This applies to natural gas market competition in Great Britain, The Czech Republic, the Netherlands, Germany, Slovenia and Spain.

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