Concern over energy costs this winter

Concern over energy costs this winter

The war in Israel is creating a new situation ahead of this winter, particularly worrying for the Greek economy, which is 74% dependent on oil and natural gas imports. Last year Greeks spent about 14 billion euros on energy imports – i.e. almost 60% of the trade deficit.

The effects will not be long in making an appearance in households and businesses. The wholesale price of electricity, which will also determine November’s retail tariffs, is already moving upward (it jumped to €136.33 per megawatt hour last Thursday). A severe winter that depletes natural gas reserves, or any disruption to LNG supplies that Europe is heavily dependent on after Russian gas flows were curtailed, could send gas prices soaring, dragging electricity prices up as well.

Faced with such an eventuality, the government is now planning to protect vulnerable households from high prices. In the next few days, it is expected to announce a subsidy for households that will be heated this year with electricity and natural gas, with the criteria given for heating oil and at a corresponding amount. 

Heating oil itself is also set to rise, given the increase in the price of oil internationally.

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