Greece, Country is considering measures to curb soaring electricity prices

Greek Government Spokesman Yiannis Oikonomou said that Greece is considering measures to curb soaring electricity prices and mitigate the impact on consumers if the European Union does not take action on the issue soon.

Russian invasion of Ukraine exacerbated the surge in gas prices, fanning fears about supplies key to power generation. Like many European nations, Greece relies heavily on Russia for imports that cover 40 % of its gas and 26 % of its oil needs.

Oikonomou said that if there is no fast and immediate European response, there will be a national plan for another decisive intervention in the price of electricity.

Reportedly, the Government is aiming to reduce electricity prices to the average level recorded in the first half of 2021, through the implementation of a price ceiling in the wholesale electricity market and state compensation packages for electricity producers covering the price difference.

Greece has spent about 4 billion euros in subsidizing electricity and gas bills for households and businesses since last year.