Greece offers EU to create €80 billion fund to offset gas prices

Greece's Environment and Energy Minister Kostas Skrekas has proposed the creation of an 80 billion euros European Union (EU) fund to deal with the consequences of high natural gas prices.

The statement came from the Greek government spokesperson Ioannis Ikonomou, TASS reports.

Skrekas made such a proposal in a letter to the European Commission (EC) before the meeting of EU energy ministers in Brussels to be held on September 30.

According to Ikonomu, the money will come from a special fee from energy companies for the volumes of natural gas used to generate electricity.

These funds are meant to support vulnerable households, as well as small and medium-sized businesses, finance investments in alternative fuels, meet the urgent needs of energy companies, and modify the infrastructure necessary to replace Russian natural gas.