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Wednesday, October 5, 2022
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    EUR1.9 billion subsidy for September power hikes

    ATHENS, GREECE (AP) – Greece’s government plans to provide EUR1.9 billion in subsidies next month to help households and businesses cope with increasing electricity prices, the environment and energy minister announced yesterday.

    Greece is one of several European countries using subsidies to help businesses and residents meet soaring energy costs triggered by Russia’s war in Ukraine. The amount the Greek government plans for September offsets is up from EUR1.1 billion in August.

    “We are going to have a winter full of challenges and difficulties regarding supply adequacy and energy prices,” Kostas Skrekas said in a televised statement announcing the September subsidy.

    Citing spiraling power prices triggered by the Ukraine war, Skrekas said the subsidy would apply to roughly six million households, regardless of income level or whether the energy supplied is for a main residence or secondary home.

    The subsidy will absorb 94 per cent of power bill hikes for households, 89 per cent of the price increase for small and medium-sized businesses, and 90 per cent of the increase for farmers, he said.

    “We are going through a period of international crisis which has sent energy prices soaring across Europe to unprecedented levels, threatening the social cohesion of European countries and of our country,” Skrekas said, adding that the government was committed to providing a safety net for consumers to cope with “these extraordinary circumstances”.

    Steam rises from a cooling tower at the Agios Dimitrios power plant of Public Power Company (PPC) outside Kozani city, northern Greece. PHOTO: AP
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