Skyrocketing electricity bills are taking a bigger “chunk” out of food & beverage businesses’ revenues, with restaurants, grills, cafes, snack bars and similar establishments in Greece paying nearly double the amount over a three-year period.

According to a survey commissioned and presented by Hellenic Confederation of Professionals, Craftsmen, and Merchants (GSEVEE), a trade group representing SMEs, the average yearly costs for power in 2021 was 9,000 euros, jumping to 14,000 euros in 2022 and 17,500 euros in 2023.

The survey was based on a questionnaire collected over the past summer, with a sample of 319 valid responses processed and evaluated to ensure a geographic representation as well.

The electricity cost to turnover ratio for 2021 is given at 7.75%, and 2.6% for other fuels.

A two-thirds majority of respondents replied that energy costs are too high, while a large majority considers the high electricity cost factor as preventing the further growth of their business.