Greece raises electricity prices by up to 15 pct

ATHENS Sun Jan 13, 2013 1:54pm EST

ATHENS Jan 13 (Reuters) - Greece raised electricity prices for households by up to 15 percent this year to help state-controlled power company PPC cover costs for transmission rights, the government said on Sunday.

The debt-laden country increased its regulated power prices last year as well to reflect the true cost of energy generation as required under the terms of an EU/IMF bailout.

The government said the new tariffs, which came into effect from Jan. 1, stemmed from PPC being required to spend 270 million euros ($360 million) for transmission rights this year.

Depending on consumption, prices for Greek households - many of which are already struggling because of austerity measures imposed by the government - will go up by between 8 and 15 percent.

They come after a 9.2 percent average increase in prices last year.

PPC is the dominant player in the Greek energy market, and the country's EU and IMF lenders are pressing the government to make room for private companies. The company's tariffs are regulated by the state.

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