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Greece Seeks EU Carbon Hedging Mechanism to Limit Price Jumps

  • Carbon tool could be financed through extra permit auctions
  • EU grapples with impact of unprecedented surge in energy costs
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Greek PM Says 5.9% Growth Forecast for 2021 May Be Pessimistic

The Greek government suggested creating a European Union-funded mechanism that could use revenue from extra sales of carbon permits to limit the impact of soaring energy costs on consumers and companies.

An unprecedented rise in fuel and power prices means additional costs to be incurred by consumers are likely to reach 100 billion euros ($117 billion) in the 2021-22 winter period in EU member states, the government in Athens said in a document seen by Bloomberg News. Greek Energy Minister Kostas Skrekas said Wednesday the idea was shared with his European counterparts.