Greece will double subsidies for power bills in September to €1.9bn, extending financial support introduced last year to shield consumers from soaring energy prices. Athens has spent about €8bn in power subsidies and other measures since last September to help households, businesses and farmers pay their electricity and gas bills.
Subsidies, which will be incorporated into power bills, are expected to absorb up to 94% of the rise in monthly power bills for households and 89% of the rise for small and medium-sized firms. The subsidy will come at €639/MWh for a household’s monthly power consumption, compared with €337/MWh in August.
Greece is facing a sharp rise in power bills driven by sky-rocketing gas prices, as the war in Ukraine and European sanctions on Russia heighten concerns over the security of gas supplies.