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Economy

Greece Checking Energy Firms for Gouging, Will Tax Windfall Profits

ATHENS – While offering susidies to offset the soaring prices of energy and gasoline, Greece’s New Democracy government said it will check the books of energy companies and tax any who are gouging consumers and customers.

Prices are being driven up by the effect of Russia’s invasion of Ukraine on international markets and oil suppying countries and has seen gasoline hit as high as the equivalent of $8.52 a gallon in Greece, twice that in the United States.

Prime Minister Kyriakos Mitsotakis told Parliament that he instructed Greece’s power regulator RAE “to start analyzing the data of all energy companies, from last October until today, and based on the RAE report, the government will act.”

“One thing is for sure: wherever profits are found, companies will be called upon to contribute to tackling the losses suffered by citizens,” he added. “I won’t hesitate, our government will not hesitate …to legislate a one-off levy for any such profits,” he also said, reported Kathimerini

Asked by a main opposition SYRIZA lawmaker Sokratis Famellos when this will happen, Mitsotakis said that as soon as the government has the RAE report, but it wasn’t said if he indicated what the tax would be.

The government also is providing support for the cost of electricity,  a sector where prices had nearly doubled in a year even before the invasion rocked the world, creating shortages of commodities and higher costs even for food.

 

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