NEWS

PM expected to announce plan for soaring energy bills

PM expected to announce plan for soaring energy bills

The government measures to tackle soaring energy prices have reportedly been finalized, with the announcement of a new national plan to support household and business electricity bills expected, possibly on Thursday, by Prime Minister Kyriakos Mitsotakis.

The finer details of the support measures by the relevant ministers will probably follow on Friday.

The measures are expected to include the coverage of all consumers, without income criteria.

Moreover, they will also cover households consuming more than 300 kilowatt hours per month, while all businesses will be aided, with an emphasis on small and medium-sized enterprises.

According to reports, the plan will provide for a mixed system, with a ceiling on wholesale prices and a form of subsidization for bills, with an emphasis on the most vulnerable.

The plan is reportedly horizontal in character. The aim is to have a roadmap by the end of the year, with the provision for a six-month extension, if the high energy prices continue in 2023.

“The time horizon will be quite wide,” said government spokesman Giannis Oikonomou, stressing that “in terms of resources, we will exhaust all possibilities.”

Projections suggest that some 5 billion euros will be required for one year, while the initial budget by the end of the year will be close to €2.5 billion.

Reports on Wednesday also said that Mitsotakis will request a debate in Parliament on energy issues after his return from the United States, as energy is at the top of the political debate, given the problems faced by households, and with polls suggesting that rising prices are among the most important issues.

Earlier on Wednesday, the prime minister’s chief economic adviser, Alex Patelis, gave a foretaste of the government’s intentions, announcing a reduction in electricity bills for all households and businesses.

“Cuts are coming into the electricity bills of all households and businesses,” Patelis said.

The scenario under consideration is from June onward to support in practice even those households that consume more than 300 kilowatt hours, which is currently the subsidy limit, so as not to receive bills of more than 200 or 250 euros per month.