Greece to give energy savers bigger power bill subsidies: PM

Motor Oil (Hellas) Corinth Refineries

20/09/2022 13:29

ATHENS, Sept 20 (Reuters) - Consumers who cut down their
electricity consumpion over the winter months will be rewarded
with bigger power bill subsidies, Greek Prime Minister Kyriakos
Mitsotakis said on Tuesday.
    Since last year, Greece has tapped state funds to help
reduce power bills for households and businesses struggling to
cope with a spike in prices exacerbated by Russia's invasion of
Ukraine. 
    Alongside subsidies, Greece has imposed a cap on payments to
power producers to reflect their real production costs,
effectively scrapping a surcharge on electricity bills. Since
July, this has secured more than 2 billion euros.
    Speaking to Greek Sfera radio, Mitsotakis said the
government would offer citizens gradual subsidies as an
incentive to lower their energy use.  
    "The more energy you save compared to last year's bill...
the bigger subsidy you will get," Mitsotakis said.
    The European Commission last week proposed measures
requiring EU countries to cut electricity use during peak price
hours and force fossil fuel firms to share profits.
    Mitsotakis said the government will levy Greek refiners'
windfall revenue and use the proceeds to offer across-the-board
subsidies for heating oil.
    Greece, which burns more than 40% of its gas to generate
electricity, has reduced Russian pipeline gas imports and has
ramped up the storage capacity of its sole liquefied gas
terminal to ward off any future gas shortages.
    Some gas-fired plants will also test their ability to switch
to oil later this month, Energy Minister Kostas Skrekas told
Skai TV on Tuesday.
    He ruled out the possibility of power cuts over the winter
to safeguard security of energy supplies as having "nearly a
zero chance."

 (Reporting by Angeliki Koutantou, editing by Karolina Tagaris,
Alexandra Hudson)
 ((angeliki.koutantou@thomsonreuters.com; +30 2102214608;
Reuters Messaging: angeliki.koutantou.reuters.com@reuters.net))