FINANCE

More support with energy costs

more-support-with-energy-costs

The government is planning an increase in subsidies for households’ and enterprises’ electricity bills and the suspension of certain payments for larger enterprises using the medium-voltage grid. These moves are among a package of measures for businesses and households to cope with higher energy costs, government sources noted on Monday.

They said the payments’ suspension will be for certain charges included in bills, which will help boost business liquidity, while the suspension of the same charges is being examined for vulnerable households.

The need to increase support measures has arisen because the wholesale price for electricity almost doubled in October, whereas the support measures were calculated in September, when the wholesale price was €100-130 euros.

Environment and Energy Minister Kostas Skrekas said the developments will be considered each month so that measures can be taken to minimize the repercussions on consumers. The amount set aside for subsidies is currently €500 million.

A key source of financing for the subsidies is carbon right auctions and surpluses that the rise in the wholesale price for power is generating in the Account for Financing Renewable Energy Sources.