[InTime News]
The rise in natural gas prices in Europe is threatening to impact the competitiveness of the continent’s economies, including Greece’s.
As the European market responds to the abrupt cessation of Russian gas transit through Ukraine, Greek consumers, businesses and industries face mounting energy costs.
The supply of the Greek gas market is not affected by the closure of the Ukrainian route and there will not be any supply disruption. However, the impact will be unavoidable on the prices of both gas and electricity, which continues to rely on imported fuel for more than 40% of its production.
Greece’s reliance on the TurkStream pipeline for nearly 60% of its energy imports leaves it exposed to broader supply pressures. With the price for electricity also soaring, rising energy costs threaten further strain on the country’s already fragile recovery.