Brussels: Energy diversification is crucial

Greece's economy is particularly vulnerable to fluctuations in international energy prices due to its high dependence on fossil fuels, and despite the support provided to industry and low-income households, could be severely affected by prices, the European Commission noted this week.

The Commission pointed out that it can be especially difficult for vulnerable households to keep their homes warm enough and pay their electricity and gas bills on time.

The Greek economy's high dependence on fossil fuels was reflected in energy prices in the first half of 2022, according to Brussels. Industrial prices in Greece were higher than the EU average. In contrast, the prices of household tariffs, although increasing, were much lower than the EU average. In the same period, natural gas prices for domestic use rose above the EU average. Ultimately, due to subsidies from the...