Greek Minister of Energy Kostas Skrekas said that the Government will impose supplementary tax bills on energy companies after the Regulatory Authority for Energy (RAE) has identified windfall profits stemming from increased energy prices.
With Greek households under pressure from inflation at a near-30-year high, the Government had tasked RAE with identifying windfall profits based on companies’ gross profit margins stemming from the higher gas prices. The government plans to tax the profits at 90 % and use those proceeds to offset consumers’ higher energy bills.
Based on RAE estimate, that amounts to 375 million euros for the period between October 2021 and June this year.
So far, Greece has allotted more than € billion euros to energy subsidies and other measures since last September to help its residential and commercial consumers cope with increased energy bills.