Energy economics

Cypriot citizens are in turmoil following the termination of reduced special consumption tax rates on transportation and heating fuels, which resulted in increases of 8.32 cents in gasoline and diesel, and 6.83 cents in heating fuel.

Natural gas will become cheaper by about 8 percent in July and will be sold for about 60.50 leva per megawatt hour. This was announced by the executive director of Bulgargaz, Denitsa Zlateva, during the public discussion of prices.

Aluminium of Greece has become the first industry to utilize the demand response service in the balancing market, in which electricity is bought and sold in real time to ensure the stability of the electricity system.

LONDON - Serbian PM Ana Brnabic said on Tuesday she had had extremely good meetings with the UK's Energy Security and Net Zero Secretary Grant Shapps and Foreign Secretary James Cleverly in London earlier in the day to discuss all forms of future cooperation.

The European Commission said on Monday it had decided not to prolong emergency measures introduced last year to shield consumers from soaring energy prices, adding those measures had helped to contribute to a calming of European energy markets.

"Bulgargaz" proposed a 15% reduction in the price of gas in June, and the state energy regulator EWRC approved the proposal at its meeting today.

Oil prices fell nearly 1 percent in early European trade, erasing yesterday's gains on concerns about the viability of the bipartisan US debt ceiling deal and mixed messages from top oil producers ahead of the OPEC+ meeting later in the week.

Greece is rated second globally in terms of incorporating solar photovoltaic (PV) technologies in its electrical power output, according to a report by the International Energy Agency (IEA), it was reported on Saturday. 

Investment in solar power is expected to overtake oil for the first time this year as clean energy spending outpaces that for fossil fuels, the International Energy Agency (IEA) said in a report yesterday. 

While that is a welcome development, warned the IEA that investment in fossil fuels is rising when it should be falling fast to achieve net zero emissions by 2050.

Greece's economy is particularly vulnerable to fluctuations in international energy prices due to its high dependence on fossil fuels, and despite the support provided to industry and low-income households, could be severely affected by prices, the European Commission noted this week.