Tuesday May 26, 2015 Search
Weather | Athens
14o C
09o C
News
Business
Comment
Life
Sports
Community
Survival Guide
Greek Edition
Strict timetable set for energy market reforms

By Chryssa Liaggou

The revised agreement between Athens and its international creditors provides for strict timetables regarding the reforms needed to streamline the local energy market and strengthen competition therein.

It places particular emphasis on the issue of liquidity, calling on the Greek authorities to help make the system financially sustainable by sticking to the following commitments:

* To bring the deficit of companies that exploit renewable energy sources (RES) industries down to zero by the end of this year, from 1.3 billion euros today, and adjust the rates every six months to ensure that the system does revert to a deficit in the next 14 months.

* To ensure the sustainability of the RES industry beyond 2014 via a regulation that should have been submitted in Parliament by March 31 this was a part of the multi-bill passed last Sunday.

* To make sure the public sector does not run up any more debts to the Public Power Corporation and that the directive concerning the repayment of state debts within 30 days is adhered to. Expired state debts to PPC amount to some 165 million euros and the Finance Ministry is already preparing for the repayment of 50 percent of that within this month.

Authorities will have to boost competition in the natural gas market with the following measures:

* They must legislate by June on splitting the activities of local gas companies (EPA) between trading and distribution, so that the three EPA in Athens Thessaloniki and Thessaly will be operating in their new forms as of January 2015. This way, the EPA monopoly in the retail natural gas market resulting from long-term contracts with the state will be abolished.

* The Competition Commission will revise an existing 2012 decision by June, forcing the Public Gas Corporation (DEPA) to take measures to strengthen competition based on the above changes.

* The regulation on third-party access to the liquefied natural gas (LNG) storage station on Revythousa will be revised, along with further development of the legislation on gas storage.

* A plan on the expansion of natural gas usage by households for heating purposes will include the option of utilizing structural funds. This could be accompanied by a fiscally neutral reduction in the taxes on natural gas. According to the Energy Ministry, this is the first time the government has managed to have this included in the agreement, which is considered a success for the Greek side.

ekathimerini.com , Thursday April 3, 2014 (23:46)  
Third-country tourists posted major increase up to 2014
Firms write off a tenth of turnover in bad debts
Counter-incentives against early retirement
Halt in payments stifles market
Ranks of civil service shrink, but not for long
The size of the Greek civil service dipped in the first quarter of the year, continuing the downward trend that started in 2009, but it is expected to grow again, as the government has pledg...
Debt talks resume amid concerns over differences, looming repayment, political upheaval
Government officials on Monday expressed confidence that Greece was close to a deal with creditors that would allow loans to be unlocked but pressure is growing on Prime Minister Alexis Tsip...
Inside News
SOCCER
Berg brace gives Panathinaikos four-point lead
Panathinaikos beat Atromitos on Sunday and took advantage of the goalless draw between PAOK and Asteras Tripolis to open a four-point gap from PAOK at the top of the Super League play-off mi...
SOCCER
Reds add Cup to league trophy with 3-1 win over Xanthi
Olympiakos completed a league-and-cup double on Saturday by beating Xanthi 3-1 in the Greek Cup final at the Olympic Stadium of Athens, that was more balanced than the final score suggests. ...
Inside Sports
COMMENTARY
Greece needs a second election
Most scenarios facing Greece are bleak. The country could default, introduce capital controls, forcibly convert savers deposits into bank capital, quit the euro and so forth. But there is s...
COMMENTARY
No more quick and dirty fixes for Greece
International Monetary Fund Managing Director Christine Lagarde correctly said last week that the protracted negotiations between Greece and its official creditors required a comprehensive ...
Inside Comment
SPONSORED LINK: FinanzNachrichten.de
SPONSORED LINK: BestPrice.gr
RECENT NEWS
1. Third-country tourists posted major increase up to 2014
2. Firms write off a tenth of turnover in bad debts
3. Counter-incentives against early retirement
4. Halt in payments stifles market
5. Ranks of civil service shrink, but not for long
6. Debt talks resume amid concerns over differences, looming repayment, political upheaval
more news
Today
This Week
1. No more 'quick and dirty' fixes for Greece
2. ND's Bakoyannis fears capital controls over long weekend
3. Brussels Group talks to resume Tuesday with VAT, pension topping agenda
4. Greece calls on creditors to compromise as IMF payment nears
5. Greece needs a second election
6. Tourist dies in rockfall on beach in Crete
Today
This Week
1. Conspiracy madness
2. National self-awareness put to the test
3. Albanian demarche raises concerns about possible territorial claims over Greece
4. Why Greece won't hold referendum on reforms
5. Greek endgame nears for Tsipras as bank collateral hits buffers
6. Hotel contracts with a Greek default clause
Find us ...
... on
Twitter
... on Facebook
About us  |  Subscriptions  |  Advertising  |  Contact us  |  Athens Plus  |  RSS  |   
Copyright 2015, H KAΘHMEPINH All Rights Reserved.