Greece is making faster-than-expected progress on phasing out coal from electricity generation, as Greek Prime Minister Kyriakos Mitsotakis announced that it would be possible to do by 2025, as opposed to previously announced 2028 deadline.
PM Mitsotakis called on European allies to step up efforts to combat the effects of climate change, after record summer temperatures caused a series of fires in the country. Now, Europe is facing rising energy prices, and there is a danger that companies and households will not be able to pay their utility bills.
This week, Greece called for the creation of an EU- funded mechanism to use the proceeds from additional sales of carbon permits to limit the impact of rising energy costs.
Previously, the Government announced that it would provide subsidies to most households by the end of the year, with the idea of making energy costs more affordable amid rising gas prices. The government-funded support mechanism, with an estimated cost of 150 million euros, will include a subsidy of 9 euros for the first 300 kWh consumed each month by Greek households, with the scheme covering approximately 70 % of households.
Also, state-controlled Public Power Corporation (PPC) will offer larger price reductions to households to help them cope with rising utility bills.
