ECONOMY

Greece offers power bill subsidies to help households with rising energy cost

greece-offers-power-bill-subsidies-to-help-households-with-rising-energy-cost

Greece will offer subsidies to the majority of Greek households by the end of the year to make energy costs more affordable amid rising gas prices, a government official said on Tuesday.

The scheme is part of relief measures Prime Minister Kyriakos Mitsotakis announced on Saturday to help Greeks deal with higher consumer prices.

“There is an international energy crisis,” Energy Minister Kostas Skrekas told reporters. “Our government has decided to support those who have seen their bills growing.”

The government-funded mechanism, estimated to cost 150 million euros ($177 million), will include a 9 euros subsidy for the first 300 kilowatt hours consumed by Greek households a month, Skrekas said, adding the scheme would cover about 70% of the households.

An annual one-off payment by the government to low-income earners to help them buy heating oil for the winter will be also increased by 20%.

Public Power Corp. (PPC), Greece’s main electricity utility which is 51% owned by the state, will also offer bigger discounts to households to mitigate the increases. [Reuters]