Finance
Greece offers new round of power bill subsidies for households
Published by Jessica Weisman-Pitts
Posted on December 13, 2024
2 min readLast updated: January 28, 2026
Global Banking & Finance Review®
Company
Published by Jessica Weisman-Pitts
Posted on December 13, 2024
2 min readLast updated: January 28, 2026
ATHENS (Reuters) – Greece announced a new round of power bill subsidies on Friday to help households grappling with rising electricity costs in December.
ATHENS (Reuters) – Greece announced a new round of power bill subsidies on Friday to help households grappling with rising electricity costs in December.
Greece spent nearly 10 billion euros ($10.58 billion) in power bill subsidies for households and businesses in the 2021-23 period, the biggest amount an EU country has disbursed on such subsidies as a share of its economic output.
Wholesale power prices in Europe climbed to their highest levels in over a year in November. Greece, whose economy is still suffering from the lingering effects of a 2009-2018 debt crisis, had not offered any subsidies this year until the summer, when wholesale power prices spiked again as hot weather curtailed electricity output.
With costs seen rising further in the coming winter months, the energy ministry announced a subsidy of 1.5 cents per kilowatt hour for household consumption up to 500 kilowatt hours for December.
The aid will be offered to about 90% of Greece’s domestic consumers with variable power contracts at a total cost of 20.5 million euros ($21.70 million), the ministry said in a statement.
Greek Prime Minister Kyriakos Mitsotakis has blamed the European power market for discrepancies in electricity prices that saw customers in southeastern Europe pay far more than other EU countries.
In a letter to the European Commission in September, he urged the EU to create a bloc-wide energy regulator with powers to inspect energy markets across the EU.
($1 = 0.9448 euros)
(Reporting by Angeliki Koutantou; Editing by Frances Kerry)
Wholesale power prices refer to the cost of electricity sold in bulk to retailers or large consumers, often fluctuating based on supply and demand in the energy market.
Economic output is the total value of all goods and services produced in a country over a specific period, often measured by Gross Domestic Product (GDP).
A variable power contract is an agreement where the price of electricity can change based on market conditions, unlike fixed contracts which maintain a set price.
The European Commission is the executive branch of the European Union responsible for proposing legislation, implementing decisions, and managing the EU's policies and budget.
Explore more articles in the Finance category
