Tuesday September 2, 2014 Search
Weather | Athens
29o C
23o 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)  
Tourism targets rise ever higher
Horse race betting hurdle removed for OPAP
Revised GDP data confirm that Greek growth is near
Measures to reduce unemployment
Education minister calls for probe into predecessor´s reform plan
Following reports that a plan to reform the tertiary education sector launched in the spring of 2013 failed to lead to millions of euros in savings, Education Minister Andreas Loverdos on Mo...
Anti-racism bill goes back to Parliament
An anti-racism bill, foreseeing stiffer penalties for individuals and political parties that engage in racism or incite racist violence, is to be debated in Parliament on Tuesday following m...
Inside News
BASKETBALL
Greek hoopsters go top of their group in World Cup
Greece has qualified to the second round of the FIBA World Cup after going top of its group of six through a third win in as many group games in Spain. On Monday it beat Puerto Rico 90-79 in...
SOCCER
Fulham striker Mitroglou set to re-join Olympiakos
Greek champions Olympiakos Piraeus are set to re-sign Kostas Mitroglou on loan from English second tier club Fulham after the striker arrived in Athens for talks on Sunday. An Olympiakos spo...
Inside Sports
ANALYSIS
EU’s three big problems all linked
The outgoing president of the European Council, Herman Van Rompuy, said at the weekend that his successor, Donald Tusk, currently Poland’s prime minister, faces three big challenges: the sta...
COMMENTARY
A great president
I fully understand the country’s need for political stability, a necessity which makes the election of a president by the current Parliament absolutely imperative. At the same time, however,...
Inside Comment
SPONSORED LINK: FinanzNachrichten.de
SPONSORED LINK: BestPrice.gr
 RECENT NEWS
1. Greek hoopsters go top of their group in World Cup
2. Tourism targets rise ever higher
3. Horse race betting hurdle removed for OPAP
4. Revised GDP data confirm that Greek growth is near
5. Measures to reduce unemployment
6. Peachy export data despite Russian embargo
more news
Today
This Week
1. Excavation work at Amphipolis reveals section of marble mosaic floor
2. A great president
3. Erdogan visits Turkish-occupied Cyprus
4. Greek economy shrinks at slowest pace since late 2008
5. Don’t feed the zombies
6. Greek officials meet to fine tune strategy for Paris talks with troika
Today
This Week
1. Thessaloniki mayor Boutaris sworn in wearing yellow star amid Golden Dawn protests
2. The battle against progress
3. Attack on gay couple in Athens leaves one man needing surgery
4. Strong undersea quake occurs off island of Milos, felt in Athens
5. Greek quest for debt relief faces hurdles in Paris
6. Hardouvelis, ECB executive discuss bank program, stress tests
   Find us ...
  ... on
Twitter
     ... on Facebook   
About us  |  Subscriptions  |  Advertising  |  Contact us  |  Athens Plus  |  RSS  |   
Copyright © 2014, H KAΘHMEPINH All Rights Reserved.