Greece will increase electricity subsidies to 840 million euros in January to continue supporting households and businesses hit by high energy prices, Energy Minister Kostas Skrekas announced on Friday, Reuters reported.

The support, which is a doubling of subsidies allocated for December, will be financed by windfall profits received by energy producers, as well as from the right to trade CO2 emissions, Skrekas said.

Greece has this year provided more than 10 billion euros to help households and businesses pay their electricity, gas and heating fuel bills amid a sharp rise in prices since Russia’s invasion of Ukraine.

For consumers with a monthly electricity consumption of up to 500 kilowatt-hours (kWh) – most homes in Greece – the subsidy will reach 330 euros per MWh, absorbing up to 87% of the increase in bills, Skrekas said.

Also, approximately 700,000 households using gas will receive a monthly subsidy of 20 euros per MWh. (source: news.ro / photo source: Dreamstime)