Greek Energy Minister proposes European fund to mitigate soaring energy costs

·

Greece’s Minister of Environment and Energy, Kostas Skrekas has proposed that the European Union create a multi-billion-euro fund to deal with the soaring costs of natural gas.

In his letter to the Vice-President of the European Commission, Frans Timmermans and the Commissioner for Energy of the European Union, Kadri Simson, Skrekas proposed the fund be resourced through the creation of a special levy of 10 euros per megawatt hour on gas consumed by electricity producers.

According to estimates based on 2021 consumption rates, the Energy Minister pointed out that an amount of €9 billion could be collected annually across the EU.

“The €9 billion in revenue could be combined with a low-interest loan from the European Investment Bank of €80 billion, which would be serviced by the annual revenue of the special levy,” he added.

According to Greece’s Ministry of Environment and Energy, the revenues collected in the fund will be used to: support vulnerable households and businesses affected by rising natural gas prices, decrease dependence on Russia for energy needs and encourage a move towards greener energy.

Skrekas’ proposal comes as just last week, Greece’s Prime Minister, Kyriakos Mitsotakis announced a further 5.5billion euros will be spent to support Greek households and businesses buffeted by the energy crisis and high inflation.

READ MORE: Greek Energy Minister welcomes EU decision to cut gas consumption by 15%

Advertisement

Share:

KEEP UP TO DATE WITH TGH

By subscribing you accept our Terms of Service and Privacy Policy.

Advertisement

Latest News

Yiayia’s passion for science inspires granddaughter Voula Gaganis

It has been a few decades in the making, but Voula Gaganis has been guided by her yiayia’s own dream of a career in science.

From South Melbourne to European glory: Ange Postecoglou’s Greek Australian masterpiece

Ange Postecoglou’s Tottenham have done it—breaking a 17-year trophy drought with a 1-0 Europa League final win over Manchester United.

Koulouria Thessalonikis: Niki Louca shares her much-loved recipe

Niki Louca from My Greek Kitchen shares her favourite recipe for Koulouria Thessalonikis with The Greek Herald. 

Greece ranks second globally for Blue Flags, but two Attica beaches lose status

Just one week after the announcement of the 2025 Blue Flag Awards, two well-known beaches have had their Blue Flag status revoked.

Greek Government weighs up adding second, larger elevator at the Acropolis

The Greek government is exploring the installation of a second elevator at the Acropolis to enhance accessibility for visitors.

You May Also Like

On This Day: Greek poet, Nikiforos Vrettakos, was born

Nikoforos Vrettakos was one of the most influential literary figures in Greek history. We take a look back at his achievements.

Waverley Mayor Paula Masselos slams proposed housing reforms for Bondi

The Minns government intends to permit buildings up to six floors near to Sydney rail stations to alleviate the housing crisis.

‘Regulators are failing’: Lawyer Gary Koutzoumis demands action on incurable lung disease

Silicosis is a long-term lung disease impacting killing young Australians from inhaling dust from the cutting of engineered stone.