Friday May 29, 2015 Search
Weather | Athens
14o C
09o C
News
Business
Comment
Life
Sports
Community
Survival Guide
Greek Edition
Brussels may cancel energy cost cuts

 Commission officials consider the measures to reduce rates for local industries to be possible state subsidy

By Chryssa Liaggou

The European Commission is threatening to throw a spanner in the works of Public Power Corporation (PPC) plans to reduce energy costs for local industries, as it considers that the measures announced last week in Greece constitute a form of state subsidy.

On the fringes of a meeting of European Union energy ministers in Brussels on Wednesday, officials from the Directorate General for Competition expressed concern about the measures introduced at last Friday’s PPC general meeting to Greek Energy Ministry officials accompanying minister Yiannis Maniatis.

The European officials criticized the ministry over the fact that they had not been informed about the measures, and said that according to their information and their own estimates, the measures may constitute a public subsidy. They also told the Greek officials that they are awaiting a full set of details from the Greek side before raising a formal objection, referred to as a “reasoned opinion,” regarding the issue of state subsidies.

The ministry informed the prime minister’s office about this, and according to sources the latter has issued an order for the implementation of the measures and the relevant information to be sent to the competent authorities in Brussels with a full explanation.

This development constitutes a second blow from the Commission to the local industry. It has already twice rejected the measure of interruptibility – i.e. the grid operator’s option to cut the supply to energy-intensive companies at peak hours, thereby saving the industries a total of 70 million euros per year. The Commission’s latest intervention puts in doubt the bolstering of the industries with a total amount of 65 million euros per annum for this year and next.

The announcement of the measures to reduce electricity costs had already received very positive feedback from the local industry, with steel group Sidenor saying on Wednesday it would go ahead with a new investment of 10 million euros at its Thessaloniki plant and that it would examine the possibility of increasing shifts at the same factory on weekends too. It cited PPC’s decision to cut its rates by up to 25 percent for periods of minimum demand – i.e. nights and weekends.

ekathimerini.com , Wednesday March 5, 2014 (23:02)  
Greek credit contraction amounted to 2.4 pct in April
Export-oriented firms benefit from euro rate
VAT hike would put several Athens hotels at risk
ATHEX: May ends with a rise of 0.3 pct
Greece, creditors seek breakthrough as clock runs down
Greece and its lenders enter a decisive weekend of negotiations in a bid to agree on a package of cuts and reforms that would unlock another 7.2 billion euros and allow Athens to keep meetin...
Coast Guard officials linked to migrant traffickers
An investigation by the internal affairs department of the Greek Police (ELAS) has linked the leadership of the country’s Coast Guard as well as officers of the police and of the National In...
Inside News
SOCCER
Wemmer pens three-year deal with Panathinaikos
German defender Jens Wemmer has signed a three-year contract for an undisclosed sum with Panathinaikos, the Greek Super League club announced on Friday. Right-back Wemmer, 29, has been playi...
SOCCER
Panathinaikos conquers PAOK through Tavlaridis goal
A Stathis Tavlaridis goal has brought Panathinaikos to practically within one point from clinching a spot in next season’s Champions League qualifiers, as the Greens made it three out of thr...
Inside Sports
COMMENTARY
Zenobia, Barbara, Christine and the general’s daughter
ATHENS – Lovely Palmyra has fallen to the zombie horde and its people are being slaughtered as the ancient city awaits its fate. It is Friday, May 22, 2015, and from my window I see the end-...
INTERVIEW
The eurozone’s ‘ambiguous’ architecture
“That’s not something you’re supposed to say in public, right?” In his humble way, Thomas Sargent, Nobel Prize winner in Economics, tries to avoid the question posed to him by Kathimerini re...
Inside Comment
SPONSORED LINK: FinanzNachrichten.de
SPONSORED LINK: BestPrice.gr
 RECENT NEWS
1. Wemmer pens three-year deal with Panathinaikos
2. Greek credit contraction amounted to 2.4 pct in April
3. Export-oriented firms benefit from euro rate
4. VAT hike would put several Athens hotels at risk
5. ATHEX: May ends with a rise of 0.3 pct
6. Greece, creditors seek breakthrough as clock runs down
more news
Today
This Week
1. Greece creditors say no deal near as G-7 frustration vented
2. Only Greece can end its miserable 'Groundhog Day'
3. Next Greek aid program isn’t on table yet, says Moscovici
4. 12 Russians injured in lightning strike at ruins on Crete
5. Some blame EU Commission for Greek obstinacy in debt talks
6. The eurozone’s ‘ambiguous’ architecture
Today
This Week
1. Hotel contracts with a ‘Greek default clause’
2. Some 300 mln left banks on Tuesday
3. Neither Grexit nor a dual currency will solve Greece’s problems
4. No more 'quick and dirty' fixes for Greece
5. Romantic notions meet reality
6. Tsipras faces down radicals within SYRIZA over terms of deal
   Find us ...
  ... on
Twitter
     ... on Facebook   
About us  |  Subscriptions  |  Advertising  |  Contact us  |  Athens Plus  |  RSS  |   
Copyright © 2015, H KAΘHMEPINH All Rights Reserved.