Energy bill payments could plunge by as much as 50 percent, supply firm representatives have told highly-ranked energy ministry officials during a teleconference yesterday, the second in a few days.

The session, headed by the energy ministry’s deputy Gerassimos Thomas and secretary-general Alexandra Sdoukou, was staged to address details of a new mechanism plan promising State guarantees to banks so that they, in turn, can offer loans with favorable terms to energy supply firms.

Energy suppliers, heavily impacted by the repercussions of the coronavirus pandemic, expressed concerns about the currently adverse market conditions and ongoing deterioration.

The government’s intervention will aim to prevent a knock-on effect in the market and ensure shareholders of listed firms that a safety net does exist.

The administration plans to legislate its plan for a support mechanism once it has been approved by the European Commission, the two ministry officials told the teleconference participants.