A temporary mechanism returning a portion of revenues, or «surplus profits», by electricity providers in Greece was passed into law on Wednesday evening, with the majority of Parliament MPs all belonging to ruling New Democracy (ND) party.

Most opposition deputies, including from leftist main opposition SYRIZA party, voted against the draft amendment, while deputies of the PASOK-KINAL social democrat grouping and the small Elliniki Lysi party declaring «present».

According to the relevant environment and energy minister, Costas Skrekas, the amendment envisions the expansion of the mechanism to tax «surplus profits» of retail power providers. He also claimed that the current mechanism has already «generated 2.5 billion euros, which have been returned (to offset) electricity bills».

He also reminded that the center-right government – in the wake of shocking increases in electricity bills due to the energy crisis caused by the Russian invasion of Ukraine – now obliges providers to declare their electricity rates every 20th of each month for the coming month.

«Because we witnessed very intense, and still very intense, changes in the prices of wholesales electricity, due, of course, to the changes in the prices for natural gas, there’s a chance of surplus revenues and surplus profits being generated in the (power) supply sector», he added.

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