Middle East: Alert Thresholds for Fuel and Electricity ā Prices and Measures
The Deputy Minister of Energy, Nikos Tsafos, has defined the price thresholds for oil and natural gas, beyond which emergency measures will be considered due to the impact of the crisis in the Middle East.
Specifically, the threshold for crude oil is $100 per barrel and for natural gas, it is ā¬60 per Megawatt hour. If these prices are exceeded, measures such as fuel pass, electricity subsidies, capping of gas station profits, and potentially a profit recovery mechanism from electricity producers will be activated.
Mr. Tsafos reassured about the adequacy of supply, as Greece has little dependence on the region and alternative sources. He pointed out that crude oil prices are at $85 per barrel (a 10-15% increase compared to before the war) and natural gas is at ā¬50 per Megawatt hour.
The factors determining prices are the duration and intensity of the war, attacks on energy facilities, and developments in the Strait of Hormuz.