BUSINESS

Pressure ahead for PPC debtors

CHRYSSA LIAGGOU

TAGS: Finance, Energy

The collection of expired dues resulting from unpaid Public Power Corporation (PPC) electricity bills according a specific timetable will constitute a government commitment to its creditors, to be included in the bailout review deal. The same goes for the effort to contain the phenomenon of power theft.

The issues that have put the sustainability of PPC at risk were brought to the table by the country’s creditors – with pressure exercised on the Greek government during the many months of negotiations – and will form part of the energy package of the expected agreement.

PPC debt collection will now be recorded as one of the milestones in the text of the staff-level agreement, in the chapter concerning “issues for the proper operation of the electricity market.”

PPC has been asked to propose specific actions for the collection of the expired debts, and has submitted to the Environment and Energy Ministry a list of eight actions which will be incorporated into the agreement’s text.

Meanwhile PPC is proceeding rapidly to the implementation of the plan for the sale of lignite-powered units. Yesterday the corporation’s governing board – heeding an order by its main stakeholder, the Finance Ministry – approved a recommendation for the appointment of a consultant who will propose which units should be put up for sale, and what method should be chosen for their sale.

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