BUSINESS

ELTA debt to PPC put at 45-60 million euros

CHRYSSA LIAGGOU

TAGS: Energy, Finance

The money owed to Public Power Corporation (PPC) by Hellenic Post (ELTA) has now been estimated at more than 60 million euros – much more than previously thought.

The total amount the postal services provider seems to have withheld from PPC bill payments made by the utility’s customers at post offices comes to at least 45 million, with the union of PPC administrative employees putting that figure at over 60 million euros. In a statement the union criticized the PPC management’s attitude over the issue and called for a judicial intervention, drawing a parallel between this case and defunct private electricity providers Energa and Hellas Power.

The case is being examined by the Regulatory Authority for Energy (RAE), which says it may hand it to the Competition Commission, since ELTA is also active in the power retail market as a provider, making it a direct competitor of PPC.

In the coming days RAE will impose fines on both ELTA for not passing bill payments on to PPC, and PPC for not meeting its obligations to its customers. In the next few days RAE expects to receive data requested from PPC and all other power providers. Sources from the watchdog have expressed displeasure with the fact that PPC has not yet responded to RAE’s demand to inform its customers of the issue.

Online