Greece, 100 million euro package for energy - The government aims to protect families, small businesses from rising costs
The Greek government will implement a 100 million euro subsidy package to protect households and businesses from rising electricity prices. The plan includes direct subsidies and tax breaks for consumers, combined with a temporary tax on the profits of electricity producers.
The estimated subsidy, estimated at €0.10 per kilowatt-hour, is earmarked for households and approximately 1.3 million small businesses. The final amount of the subsidy will be determined after the December green tariffs are announced by the energy providers. The government intends to keep electricity prices for households and small businesses below 0.15 euros per kilowatt/hour.
While subsidizing small businesses is straightforward, the government faces challenges in supporting medium and large enterprises due to EU state aid regulations. An indirect subsidy through profit tax relief is under consideration, although it excludes loss-making companies. The government must also address widespread electricity theft, which has reached 80% in some sectors.
The subsidies will be financed by an exceptional tax on the profits of electricity producers, with the aim of minimizing market disruptions. Analysts predict even higher electricity prices in Europe due to the rapid depletion of natural gas reserves, the harsh winter, the escalation of the conflict in Ukraine and the expiration of Russian transit contracts.
US sanctions against Gazprombank, which will take effect on December 20, will further affect energy security and gas prices in Europe.
In November, Greece's wholesale electricity price averaged €138.95 per megawatt-hour, 51.8% higher than in October, excluding the lagged impact of gas price increases.
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