A spike in natural gas prices following Russia’s invasion of Ukraine sparked a major energy crisis across Europe, prompting some governments to adopt multi-billion euro measures to protect homes and businesses. utilities from rising costs.
Greece has already spent around 8 billion euros ($8 billion) to subsidize electricity bills since last year.
Mitsotakis, a conservative who faces a parliamentary election in 2023, will pledge to maintain that support at least until the end of the year during his annual economic policy speech from the northern city of Thessaloniki , said the source, on condition of anonymity.
In an emergency meeting on Friday, EU energy ministers tasked Brussels with drafting proposals in the coming days to cap the revenues of non-gas power producers and help energy companies. electricity to stay afloat as they seek to protect citizens from soaring prices.
Greece, the euro zone’s most indebted country, emerged from its third international bailout in 2018 after a decade-long financial crisis and has relied solely on the markets to cover its borrowing needs since during.
Last month, the country emerged from so-called enhanced creditor surveillance, which means greater freedom in the implementation of economic policy.
Aided by strong growth thanks to better-than-expected tourism receipts this year, the government has decided to use any additional fiscal space to fund electricity bill subsidies.
Mitsotakis is also expected to announce a six-pronged plan to help young people rent or buy a home.
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