The Minister of Environment and Energy of Greece, Kostas Skrekas, announced this morning a new model for subsidizing the price of electricity and household consumers in the country, Greek media reports.

As Kathimerini reports, from October 1st, a tiered scheme of consumption-based subsidies will be applied to household electricity bills.

For monthly consumption of up to 500 kilowatt hours, the subsidy will cover 90 percent of the price increase.

About 90 percent of households in Greece fall into this category.

For consumption from 501 to 1,000 kilowatt hours, the subsidy will cover 80 percent of consumption.

If a 15 percent reduction in consumption compared to 2021 is achieved, the subsidy is increased by 50 euros per megawatt hour.

In the interval above 1001 kilowatt hours per month, the subsidy will compensate for 70 percent of the increase, and here again a bonus of 50 euros per megawatt hour is offered for realized savings.

The subsidy scheme is not tied to an income criterion and applies to both the main residence and the additional ones.

In the case of natural gas, a horizontal subsidy of 90 euros per megawatt hour is foreseen for all domestic consumers and for their entire consumption.

This will offset 50 percent of the increase and affects 700,000 users.

Greece

household users