Friday August 22, 2014 Search
Weather | Athens
32o C
25o C
News
Business
Comment
Life
Sports
Community
Survival Guide
Greek Edition
PPC slashing rates for large industries

 Energy-intensive plants to enjoy discount of up to 20 pct until end-2015 in gov’t bid to keep them running

Greece’s energy-intensive industries will receive a discount on their electric bills of up to 20 percent for one year with the option of a 12-month extension, Public Power Corporation (PPC) announced on Friday, as the government is seeking ways to ease energy costs for cash-strapped local industry.

In the wake of shutdown threats by some of the country’s biggest industries, including steelmakers, the utility’s governing board convened on Friday and decided to slash rates for its biggest clients in view of Greece’s improving economy.

The government, as a PPC stakeholder, announced that “taking into account the Greek economy’s long and deep recession, and the fact that after several years [it appears to be entering a phase of gradually returning to expansion], as well as that industries, particularly energy-intensive ones, form a crucial part of the country’s production capacity,” it has resorted to a series of measures justified by the extraordinary character of the existing conditions.

The state has therefore “proposed to the PPC board and approved an extraordinary discount of 10 percent on PPC rates for one plus one year for high-voltage enterprises, starting from January 1, 2014. For companies with an annual consumption in excess of 1,000 gigawatt hours in particular, a discount of 10 percent will apply in addition to the above discount.”

The government is hoping that the expected losses of some 75 million euros from the discounts will be offset by the industries’ increase in consumption, along with production units restarting operations, as well as timely payment of bills.

As an extra incentive to increase power consumption, PPC will also offer an additional discount of 25 percent on its rates for nights and weekends for all high-voltage clients apart from those with an annual consumption of more than 1,000 GWh.

One of PPC’s unions, Spartakos, protested the decision on Friday, saying in a letter to the finance minister that it constitutes a direct subsidy to energy-intensive industries and “the killing blow for PPC,” threatening to take recourse to the European competition authorities.

ekathimerini.com , Friday February 28, 2014 (20:51)  
Greek bourse benchmark ends week on a high
Ryanair says it can turn around ailing Cyprus Airways
Spanish government bonds rise with Italy´s before Draghi speech
Greek peach farmers await Brussels decision on compensation
Greek civil servants refuse to cooperate with assessors
Greece’s civil servants’ union, ADEDY, decided on Friday that its members should abstain from efforts to complete evaluations of public sector employees. The union said it would maintain thi...
Greek minister returns to PASOK fold
Education Minister Andreas Loverdos officially returned to PASOK on Friday less than two years after leaving the party. PASOK leader Evangelos Venizelos confirmed that Loverdos would join th...
Inside News
West Brom sign Greek international striker Samaras
West Bromwich Albion have signed Greece striker Georgios Samaras on a two-year contract following his release from Scottish champions Celtic, the English Premier League club said on Friday. ...
SOCCER
Panathinaikos, Asteras Tripolis notch up vital wins in Europa League
Thursday proved a very productive night for two of the three Greek teams performing in the Europa League as Panathinaikos and Asteras Tripolis secured vital wins in the first legs of their p...
Inside Sports
COMMENTARY
On steroids
Bodybuilders are in a league of their own. They rarely make headlines for their achievements, their performance, or being role models. In contrast, they’re more likely to make the news due t...
EDITORIAL
Time to kick a stupid habit
Official figures indicate that tax dodging continues unabated across Greece’s tourist areas. According to data made available by the Finance Ministry following checks conducted between July ...
Inside Comment
SPONSORED LINK: FinanzNachrichten.de
SPONSORED LINK: BestPrice.gr
 RECENT NEWS
1. Greek bourse benchmark ends week on a high
2. Greek civil servants refuse to cooperate with assessors
3. Greek minister returns to PASOK fold
4. Police bust illegal casino in central Athens
5. Police arrest man over 9.5 mln in debts to Greek state
6. Ryanair says it can turn around ailing Cyprus Airways
more news
Today
This Week
1. Aftershocks rattle Halkidiki after strong 5-Richter quake
2. Coast guard intercepts 180 migrants in Aegean in two days
3. Avramopoulos, Hagel hammer out 'roadmap' of defense cooperation
4. Greek peach farmers await Brussels decision on compensation
5. Hardouvelis hears grievances of coalition MPS to unified property tax bill
6. Spanish government bonds rise with Italy's before Draghi speech
Today
This Week
1. Carved sphinxes at Ancient Amphipolis tomb will not be removed
2. Treating Amphipolis with care
3. Canada’s fiscal adjustment has lessons for Greece
4. Greece to offer law on restructuring bad loans next month
5. Ministry sys ‘no’ to debt collection agencies
6. The magical mountain
   Find us ...
  ... on
Twitter
     ... on Facebook   
About us  |  Subscriptions  |  Advertising  |  Contact us  |  Athens Plus  |  RSS  |   
Copyright © 2014, H KAΘHMEPINH All Rights Reserved.