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Greece’s energy ministry presented a bill to parliament on Tuesday that would halve a public service charge on household electricity bills, require major suppliers to offer fixed-price contracts and unlock 2.3 billion euros in investment for the islands.

Energy Minister Stavros Papastavrou told a parliamentary committee the legislation would strengthen consumer protection and market transparency amid one of the biggest international energy crises.

Under the bill, the public service obligation (PSO) charge on the first household consumption tier will be cut by 50%, made possible by the gradual connection of the islands to the mainland grid.

Large suppliers will be required to offer fixed-price contracts of at least one year, with unilateral changes to prices or terms banned during that period. Consumers in billing disputes will be automatically protected from disconnection.

A new islands decarbonisation fund will finance renewable energy, storage, grid and interconnection projects to reduce reliance on oil.

The bill also sets strict rules for data centres, including requirements to source 60% of their annual consumption from renewables and to pay local communities 15,000 euros per megawatt each year. It further provides for the expansion of Piraeus’ Karaiskakis stadium to 52,000 seats.

Papastavrou said Greece had requested greater flexibility under an EU escape clause that already exempts 1 billion euros in energy spending from fiscal limits until 2028, to allow for further support measures.

He said Greek electricity prices were 15% below the EU average, according to Eurostat.

The committee debate continues on Wednesday.