Energy suppliers set to receive €600m in subsidy compensation

Energy supply companies stand to receive compensation worth a total of 600 million euros within the next few days to cover subsidized energy support offered by the government to consumers between September and December, sources have informed.

An additional amount of 100 million euros will also be offered to energy suppliers early in the new year to offset increased energy subsidies for December, announced by Prime Minister Kyriakos Mitsotakis on Saturday. All these funds will stem from the Energy Transition Fund.

Energy suppliers and producers have been severely impacted by the energy crisis’ higher prices in the wholesale gas and electricity markets.

Suppliers have needed to dig deeper into company coffers to pay greater amount for wholesale electricity needed to cover consumer needs, while producers have been forced to pay more for wholesale gas required for generation.