BUSINESS

Brussels OKs plans to improve remote islands’ power plants

CHRYSSA LIAGGOU

TAGS: Energy

The European Commission has approved Greek plans to support the modernization of power production units on islands not connected to the country’s main grid, finding them to be compliant with European rules on state subsidies.

Last December Athens submitted to Brussels a plan for the provision of state guarantees to Public Power Corporation that would allow the listed utility to secure a loan of 190 million euros from the European Investment Bank.

This loan will cover half of the needs for the necessary upgrading, expansion and renovation of existing power plants on at least 18 islands, with PPC covering the other half.

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