Suppliers prepare special invoices
Special tariffs for consumers with smart consumption meters electric currents which will take effect from January 1, 2024 are being prepared by the suppliers electric power in compliance with the decisions of the Ministry of Environment and Energy for the new framework that will govern electricity retail from the new year.
Smart meters provide significant benefits for consumerss, mainly the application of different tariffs during the day depending on the fluctuation of prices on the Stock Exchange. So, for example during midday summer hours when PV production peaks and the market price falls (or often goes to zero), correspondingly lower consumer prices will apply while at peak times (eg afternoons when PV production is off) charges will be more expensive. Consumers will be able to save money by transferring consumption during off-peak hours and avoiding the use of energy-intensive devices during peak hours.
At a later stage, the transfer of consumption to off-peak hours will be able to be compensated by the market through demand response mechanisms, as is already the case for large consumers. In addition, in combination with rooftop solar and/or battery, consumers will also be able to participate in the market by selling, storing or buying energy depending on the price fluctuation during the day.
According to the data included in the revised energy planning submitted by the Ministry of Foreign Affairs to the European Commission, by 2021 13,000 smart meters at the medium voltage level and 70,000 at the low voltage level had been deployed, mainly for consumers with high electricity demand. In 2022, 100,000 smart meters installed. They are estimated to increase to 500,000 in 2023 and between 800,000 and 1 million each year from 2024 to 2030. DEDDIE’s goal is for all consumers to have a smart meter by 2030 while by the end of 2024 it is estimated that over half energy (55%) distributed in the network will be recorded with smart meters (telemetering).
At the same time, his competition is ongoing DEDDEE budget of 1.2 billion euros for the supply and installation of a total of 7.3 million low-voltage smart meters, a project for which a financing agreement between the Administrator and the European Investment Bank was signed last week in the presence of the Prime Minister. The tender is expected to be completed in early 2024.
The installation of smart meters is also linked to dealing, to a certain extent, with the problem of electricity theft, which amounts to 4.5% of the energy consumed. The cost of stolen energy (€400 million per year) is shared among other consistent consumers, which means that tackling electricity theft can also lead to lower electricity bills.
The Regulatory Authority, as reported by the Athens News Agency, has set the Administrator a specific timetable for reducing electricity theft (2023: to 4.2%, 2024: 3.8%, 2025: 3.3%, 0.5% in 2030) with a penalty (loss of revenue) in case of failure.
