Greece will increase subsidies on energy bills to 840 million euros in January to continue supporting households and businesses amid soaring energy prices, Energy Minister Kostas Skrekas said, Reuters reports.

Skrekas said the support - double the subsidies allocated in December - would be financed by a windfall tax on electricity producers and carbon emission rights.

Greece has allocated more than 10 billion euros this year to help households and businesses pay their electricity, gas and heating fuel bills.

According to Skrekas, for customers using up to 500 kilowatt-hours of electricity per month, which is about 90 percent of Greek households, the subsidy will reach 330 euros per megawatt-hour, which will cover up to 87 percent of the increase.

About 700,000 households using gas will also receive a monthly subsidy of 20 euros per megawatt hour.