Greece will offer households subsidies to help them replace their old fridges and air conditioners and cut down on soaring power bills, the government said on Monday.

Like many other EU countries, Greece has been gripped by soaring energy costs, a trend which has been exacerbated following Russia’s invasion of Ukraine and its cutting of gas flows to several countries in Europe.

Since last year, the country has taken several measures at a total cost of about 7 billion euro, including subsidies, to help households pay their electricity and pump fuel bills.

Greek households will be able to buy up to three new, more energy efficient appliances – air conditioners, refrigerators or freezers – and get a subsidy of between 30% and 50% of the cost for each appliance, Energy Minister Kostas Skrekas said in televised statements.

“Under the programme we’re announcing today, we’re giving hundreds of thousands of households the chance to reduce considerably – up to 40% – their power consumption,” he said.

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Greece will be able to save power equal to that consumed by a city of 100,000 people a year and save 40 million euros in gas and oil imports annually, he said.

The initiative is expected to cost 150 million euros ($158 million) and will be financed by EU funds.

Reporting by Angeliki Koutantou; Editing by Angus MacSwan

Source: Reuters