Energy Ministry announces power bill subsidies for Nov

Greece’s Energy Ministry said on Tuesday that it will extend power bill subsidies for households and farmers in November.

The new subsidies come a day after electricity providers announced exorbitant price increases between 40 and up to 80 percent for the same month.

For monthly consumption up to 500 per Kilowatt hour the subsidy increases compared to the previous month and amounts to €25/Megawatt hour. This category affects 90% of households in Greece, the ministry said in a statement.

Those with a monthly consumption of more than 500 kWh will receive the same support, provided that they reduce their average daily energy consumption by 15%, compared to the corresponding last year.

For households included in the Social Household Tariff (COT), the subsidy amounts to €60/MWh for the total consumption and absorbs 100% of the increased cost.

In addition, for farmers, regardless of supply power and voltage level, the aid increases compared to the previous month and amounts to €25/MWh, for the entire monthly consumption.

The value of electricity support for households and farmers, in November, exceeds a total of 32.2 million euros.

The government has reportedly spent more than €10 billion since the middle of 2021, mainly in subsidizing electricity and gas bills, to support households, businesses and farmers.

The government trimmed subsidies this year as electricity prices fell, but many families and businesses still struggled to pay their bills amid stubborn inflation, Reuters noted.

The government has earmarked about €1 billion this year for power bill subsidies, a draft 2024 budget shows, the news agency added.