Greece plans energy cost reductions via new Exoikonomo program

Greece is preparing to launch a renewed ‘Exoikonomo’ program with a budget of 1.19 billion euros, expected to be announced within 2027. Environment and Energy Minister Stavros Papastavrou stated that the initiative aims to reduce electricity prices by 30% over a three-year period through structural changes rather than temporary subsidies.

The new program will focus on ‘energy democracy,’ encouraging households to engage in self-production, energy storage, and self-consumption. To support vulnerable groups, subsidies for certain categories like SMEs and large families could exceed 80%. A new ‘on-bill financing’ model will allow consumers to fund energy upgrades through their electricity providers, with costs repaid gradually via their monthly bills.

Key pillars of the government strategy include the expansion of renewable energy sources (RES), which have grown from 6.3 GW in 2019 to over 18 GW, accelerating energy storage and grid interconnections, and combating electricity theft. Additionally, 1.7 billion euros from the Social Climate Fund will be directed toward residential energy upgrades and heating system replacements.