Greece plans to cut electricity costs by 30 percent
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The Greek government announced a plan to lower electricity costs by 30 percent over the next three years. Ministers Stavros Papastavrou and Nikos Tsafos detailed a package of interventions and measures requiring around 5 billion euros in funding. These resources will support initiatives focused on energy savings, flexible consumption, increased renewable energy use, and building energy upgrades.
The government intends to distribute the benefits of lower energy costs fairly across society and strengthen energy democracy.
They aim to reduce the average electricity price from 237.8 euros per megawatt-hour in the second half of 2026 to approximately 166 euros within three years, returning prices to pre-crisis levels. The plan relies on funding from the Social Climate Fund (2.1 billion euros), the Island De-carbonization Fund (2.3 billion euros), and the emergency clause (over 600 million euros).
Key actions include reducing the first tier of the Public Utilities Regulatory Authority (YΚΩ) charge by 50 percent for all households starting January 1, 2027, continuing investments in grid infrastructure, and launching subsidy programs for batteries, home energy efficiency upgrades, and heating system replacements. Additionally, the government will address electricity theft, currently costing consistent consumers 450 million euros annually, by installing “smart” meters in all households by 2030.
They also plan to support energy storage projects and assist over 260,000 beneficiaries through programs like “Exoikonomo” and initiatives targeting vulnerable groups.
