The government is expected to announce, next week, the details of its latest energy subsidies program for household and business consumption in March, believed to be worth 350 million euros, the same amount that was offered for February, sources have informed.
Overall, the government’s latest support package is expected to offer household and business consumers subsidies worth over 700 million euros for electricity and natural gas bills covering March and April.
Greece’s wholesale electricity price averaged 221.71 euros per MWh in February, slightly below January’s average of 235 euros per MWh.
Households stand to each receive subsidies averaging 39 euros for March, virtually unchanged from the previous month, while businesses are seen receiving subsidies averaging 65 euros per MWh, also virtually unchanged.
Energy subsidies covering April are expected to be higher, possibly over 50 euros for households, while increases are also anticipated for businesses and farmers, sources informed.
During the first ten days of March, the wholesale electricity price averaged over 322 euros per MWh, 50 percent above the February average.
The money for the subsidies will be drawn from the Energy Transition Fund, fed by CO2 emission right revenues and the RES special account surplus, to soften the impact of the astonishing rise in electricity and natural gas prices.
However, officials remain concerned about the adequacy of this money given the volatility in the European energy market, triggered by Russia’s invasion of Ukraine.