January power subsidies at €840m, double December sum

The government’s electricity subsidies support program for January will reach 840 million euros, energy minister Kostas Skrekas has announced, double the amount needed for December as a result of higher retail electricity prices just announced by suppliers for next month.

Recently introduced rules require electricity suppliers to announce their prices for each forthcoming month by the 20th of the preceding month.

A much-delayed European gas price cap agreement reached this week by the the EU’s energy ministers comes as a significant measure but could have offered even greater benefits for consumers had it been reached sooner, the Greek energy minister noted.

He highlighted Greece’s role in helping push the EU towards a gas price agreement, officially requested by Greek Prime Minister Kyriakos Mitsotakis in a letter to European Commission President Ursula von der Leyen.

Greece was one of several EU members in favor of a low-level gas price cap. EU energy ministers agreed to trigger a cap if prices exceed 180 euros per MWh for three days at the Dutch TTF index, which serves as the European benchmark.

Monthly residential power consumption of up to 500 KWh, a category applicable to 90 percent of the country’s households, will be subsidized at a rate of 330 euros per MWh.