Greece announces €95 million industrial energy support package

Greek Prime Minister Kyriakos Mitsotakis has announced a €95 million support package for the country's industrial sector to mitigate rising energy costs. Speaking at the General Assembly of the Hellenic Confederation of Professionals, Industries, Services and Commerce (SEV), Mitsotakis detailed that the intervention will target energy-intensive sectors, including cement, food, paper, and plastics.

The measure will be implemented in two phases and utilizes the European Union's Clean Industrial Deal State Aid Framework (CISAF). This framework allows member states to support industries by potentially reducing electricity prices by up to 50% for eligible consumption, provided the final price does not fall below €50/MWh. To qualify, beneficiaries must direct at least 50% of the aid toward investments that reduce CO2 emissions and energy costs, such as renewable energy or energy efficiency projects.

SEV President Spyros Theodoropoulos expressed satisfaction with the government's response to industrial needs but emphasized the urgent requirement for increased productivity and higher investment levels to maintain competitiveness. The Prime Minister also underscored Greece's fiscal stability, noting the country's progress in reducing public debt while maintaining a commitment to fiscal discipline.