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Greece mulls intervention in power prices as energy crisis deepens

By Reuters

ATHENS – Greece is considering measures to curb soaring electricity prices and mitigate the impact on consumers if the European Union does not take action on the issue soon, Greek government spokesman Giannis Oikonomou said on Monday.

Russia’s invasion of Ukraine exacerbated the surge in gas prices, fanning fears about supplies key to power generation. Like many European nations, Greece relies heavily on Russia for imports that furnish 40% of its gas and 26% of its oil.

“If there is no fast and immediate European response, there will be a national plan for another decisive intervention in the price of electricity,” Oikonomou told reporters.

He said the government would make relevant announcements “in the near future”.

Greece has spent about 4 billion euros in subsidising power bills for households, businesses and farmers since last year.