The government’s financial team has decided to subsidize industrial-sector electricity following related arrangements with power utility PPC in response to the latest surge in energy prices, energypress sources have informed.

Electricity prices have risen to 400 euros per MWh and natural gas at the TTF benchmark is up to 135 euros per MWh.

The government’s support funds planned for the industrial sector will be far greater than amounts required to subsidize electricity for households and businesses.

According to estimates, the total cost of industrial electricity in 2023 will reach 1.5 billion euros, assuming prices are at 300 euros per MWh.

Given the energy market’s adverse conditions, government support for industrial energy costs is crucial and will need to be delivered fast.

Supply agreements between PPC and major-scale industries, established prior to the energy crisis, at prices well below current levels, will gradually expire in 2023, within the first half of the year.