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Economy

Skrekas Announces Higher Power Subsidies for Households, Businesses

ATHENS – There will be significantly increased subsidies to cover the cost of electricity in July, Environment and Energy Minister Kostas Skrekas announced on Tuesday, announcing a rise in the amount of the subsidy per KWh but also the abolition of income criteria and consumption caps for eligibility. Regarding energy security, meanwhile, he said that a new floating LNG storage tank in Revythoussa will start to operate by the end of July and that a new coal-burning power plant, Ptolemaida 5, will be added to the grid in September.

For households, the subsidy will cover everyone, regardless of income and without consumption caps, providing 200 euros per MWh, which will rise to 240 euros per MWh for social tariff customers. This represents up to 84 pct and 100 pct of the increase in rates, respectively.

For small businesses with connections of up to 35 kva (bakeries, shops, mini-markets, kiosks etc), the subsidy will be 192 euros per MWh, for farmers it will be 214 euros per MWh, while for industrial concerns with connections greater than 35 kva the subsidy will be 148 euros per MWh.

For businesses using natural gas, the subsidy will be 30 euros per MWh.

These higher subsidies increase the total budget for subsidies in July to 722 million euros, which is 300 million euros more than in June. Since subsidies began in September 2021, the amounts spent exceed 5.0 billion euros, Skrekas said, noting that this was the largest sum spent in the EU as a proportion of GDP and the strength of the economy.

The minister also pointed to legislative changes that scrap the adjustment clause, allow consumers to know the rates they will pay in good time and to change provider without restrictions.

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