Creece, State will extend subsidies to electricity bills at a cost of more than 1.1 billion euros

, SEE Energy News

Greek Minister of Energy Kostas Skrekas said that the state will extend subsidies to electricity bills at a cost of more than 1.1 billion euros in August to support households and businesses amid an energy crisis.

According to Minister Skrekas, final consumer prices for electricity are expected to be set at 15- 17 eurocents/kWh in August. The subsidy for households will be without any income criteria, concern all consumption and all residences (main and secondary) and will amount to 337 euros/ MWh.

The total amount of subsidies exceeds 1.13 billion euros next month and absorbs up to 90 % of the increase for all residential consumers for the total monthly consumption and for main and secondary residences and 80 % of the increase for small and medium-sized companies with a supply up to 35 kVa and up to 99 % of the increase for farmers.

For industrial consumers, the subsidy will amount to 250 euros/MWh, absorbing up to 67 % of the increase. For natural gas and for commercial consumers, the subsidy amounts to 30 euros/ MWh.

The subsidies are increased by 411 million euros compared to July. Some 500 million euros will be covered by the Energy Transition Fund with money that has been collected by taxation of extra profits of energy producers.