Until recently, the electricity market resembled a mechanical equation: a kilowatt-hour whose price fluctuated according to the Energy Exchange, and a state that rushed in with subsidies to keep bills at tolerable levels.

In recent months, however, a new reality is taking shape. The energy sector now looks less like a strict mathematical formula and more like an open puzzle of options. Energy providers are no longer just selling electricity. Instead, they are gradually transforming into energy partners for consumers: offering consulting services, financing projects, and paving the way for energy interventions in homes.
The electricity bill is no longer just a breakdown of charges — it can now serve as a tool for home upgrades, from installing solar panels on the roof to placing heat pumps on balconies.

New Types of Invoices

In this evolving landscape, new pricing strategies and invoice types are being introduced. The so-called “red” invoice, which the Regulatory Authority for Energy (RAAEY) plans to launch in September, brings a different philosophy to the market. It includes:

Fixed charges for the first, say, 100 kWh
Charges that vary when consumption exceeds certain thresholds (e.g., over 200 or 300 kWh)
Fixed monthly standing charges or a fixed supply rate per six-month period

Fixed charges with only two consumption tiers

Whether this new model succeeds will be determined in practice. It’s still too early to draw firm conclusions, especially as the market continues to evolve from a strictly regulated system into a more flexible, consumer-oriented environment with a wider range of offerings.

The big winner of this new generation of invoices and practices is the consumer, who is moving from a passive role — simply paying “whatever the meter shows” — to an active one, where strategic thinking, choice, and investment are encouraged.

Energy is becoming a personal matter. And the government, through RAAEY, is expected to create a regulatory framework that supports this transition: flexible, functional, but also capable of protecting consumers in an increasingly complex landscape.

Expanding the Color Palette

Until recently, electricity invoices in Greece were divided into three main color-coded categories:

Blue (Fixed): A set price per kWh for 12 to 24 months. Ideal for those who want predictability and protection from wholesale market fluctuations. Green (Variable): Directly linked to the wholesale market, with prices adjusted monthly. Orange (Dynamic): Also tied to wholesale prices, but offer hourly billing based on market conditions. These require smart meters and are still mostly theoretical for Greek households.

Now, providers are enriching their product portfolios with new categories, including variations of the popular blue invoice. This is creating a new pricing category that fills the gap between fixed (blue) and variable (green/yellow) invoices.

These products are not based on the wholesale index nor do they follow the blue kWh model. Instead, they resemble mobile phone subscription plans, where the consumer pays a flat fee for a specific energy package — making it more of a subscription-based pricing model than traditional energy billing.

Debate Over Picasso

A key example is “Picasso” by Protergia, which sparked significant debate in the market recently. Initially categorized as a blue invoice, Picasso offers a fixed monthly charge for a specific amount of energy, such as:

€29.99 for 1,325 kWh
€39.99 for 1,875 kWh
€54.99 per month for 2,700 kWh

This applies for the entire 12-month contract, but only covers energy and regulated charges (not municipal fees or the ERT broadcasting fee).

The logic mirrors that of mobile phone plans: the consumer pays a fixed monthly amount for a predefined energy allowance, just like buying GBs or minutes. If consumption exceeds that limit, a settlement is made with additional charges.

The new invoice promises stability without a traditional “locked-in” rate, but includes an early termination clause, a feature currently allowed only for blue invoice.

The final regulatory framework for this new category will be finalized after the upcoming public consultation by RAAEY, expected to begin in the coming days.

The Big Shift Toward Blue

At the same time, the market seems to be moving to a different rhythm, with “preferential rates” for the first 100 or 200 kWh now at the core of providers’ commercial strategies. This so-called “consumption cushion” acts as a pricing tool, offering lower charges for a basic energy package that is constantly shrinking.

The Public Power Corporation (PPC/ΔΕΗ) has clearly diverged from its initial plan. While it had announced a reduction of the 500 kWh cap to 200 kWh starting in August, it ultimately decided to maintain the favorable limit for two more months. This move keeps the cost low for a larger portion of monthly consumption and strengthens PPC’s position in the highly competitive retail market.

As for overall market trends, fixed (blue) invoices continue to gain momentum in the retail electricity sector. Already, 1.3 million consumers have chosen this type of plan — a number expected to exceed 2 million within the next year. In contrast, variable products are losing ground, as blue invoices offer prices as low as 9 cents/kWh, with zero or low fixed fees and attractive contract durations up to 2 years.

The comparison is telling: for an average monthly consumption of 300 kWh, a blue invoice at 10 cents/kWh with a €10 fixed fee totals €40. A green invoice at 15 cents/kWh with the same fixed fee comes to €55. Unsurprisingly, even though 7 out of 10 consumers are still on green plans, the trend clearly shows a shift toward fixed (blue) invoices.

This shift is also transforming the business strategy of electricity providers. The need to hedge risk for hundreds of thousands of customers who demand fixed prices limits discount flexibility and favors larger players. Understandably, there’s growing discussion about further market consolidation, with a potential shift toward a telecom-style model: fewer but more powerful providers. We’re already seeing this play out in the market, with provider alliances forming larger, more competitive entities — the most recent example being the merger between Heron and nrg.

Electricity for…Investment

But the most radical innovation in the market is not about invoices — it’s about how electricity companies will now participate in energy-saving programs, using practices that some firms (e.g., Elpedison) have already begun offering.

Starting in 2026, suppliers will officially be allowed to finance home energy upgrade projects (e.g., insulation, windows, smart heating systems, solar panels) and collect payments through electricity bills.

This new model, outlined in the Roadmap for Energy Savings in Buildings, introduces international practices such as “Pay-As-You-Save,” On-Bill Financing, and On-Bill Repayment to Greece. In practice, the supplier may act either as the direct lender or as an intermediary working with banks or ESCOs (Energy Service Companies), and the customer repays the cost via standing orders on their electricity bill.

This means consumers will now receive two bills from their provider: one for electricity, and a second for energy upgrade works.

The process is relatively simple:

It begins with an invitation of interest from the provider to customers interested in upgrading their homes. Following the application and eligibility check (mainly based on payment history), the provider develops a personalized proposal with both technical and financial details. If the customer accepts, a financing agreement is signed, and the project begins, with the option for adjustments if needed.

Repayment is made in monthly installments through the electricity bill, with clear terms on duration, interest (if applicable), guarantees, and conditions for early repayment or default.

With this new plan — supported by the Ministry of Environment and Energy, which is also clearly revising the philosophy of the “Exoikonomo” (Energy Efficiency) programs — electricity is no longer just a bill.
It becomes a decision and a contract that can include not only kilowatt-hours, but windows that don’t let in the cold, thermostats that think smart, and roofs that generate electricity.

And all indications suggest: this is just the beginning!