Sunday February 1, 2015 Search
Weather | Athens
16o C
13o 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)  
ECB’s Constancio signals Greek waiver may end if program dropped
Greece starts countdown to cash crunch saying bailout over
How Greece can run out of cash and what ECB’s Draghi can do
Varoufakis to meet French counterpart on Sunday
Europe waits for proposals from Athens
European officials believe that there is scope for an agreement with the new Greek government but that Athens will have to accept a compromise on its demands. Officials in Brussels told Kath...
Notes provide more clues on prison breakout scheme
Police have found handwritten notes exchanged between 22-year-old Angeliki Spyropoulou and jailed members of the Conspiracy of the Cells of Fire at a safe house in Loutraki, west of Athens, ...
Inside News
BASKETBALL
Panathinaikos preserves perfect home record
After yet another great performance at home, Panathinaikos defeated Galatasaray 86-77 in Athens on Friday to get to three wins in five games at the Euroleague top-16. The Greek champion shoo...
SOCCER
Gattuso: Unpaid OFI players couldn´t buy food
Former coach Gennaro Gattuso has lifted the lid on the plight of crisis-club OFI Crete which has been banned from playing in the Super League until it clears mounting debts with its staff. T...
Inside Sports
COMMENTARY
Unyielding truth
Finance Minister Yanis Varoufakis’s recent statement that “growth does not mean having Porsche Cayennes in the narrow streets of Greece” has made something of an impression and is now being ...
EDITORIAL
This is not a game
Greece’s negotiations with its partners and creditors must be conducted in such a way as to safeguard the country’s real economy, a vital sector which prior to the elections had appeared to ...
Inside Comment
SPONSORED LINK: FinanzNachrichten.de
SPONSORED LINK: BestPrice.gr
 RECENT NEWS
1. Europe waits for proposals from Athens
2. Notes provide more clues on prison breakout scheme
3. Drug prices are falling but volume sold remains high
4. Tsipras plays down chance of rift
5. Ex-revenues chief Theoharis claimes political interference
6. Journalist to head Greece´s National Intelligence Service
more news
Today
This Week
1. US to work closely with Greece and EU to resolve differences, says White House
2. Merkel rejects debt writedown for Greece
3. Greek bank debt plummets as investors head for the exit
4. Greek markets plunge as SYRIZA digs in on challenge to austerity
5. Tsipras says Greece to repay ECB, IMF, reach deal with euro area
6. Greece seeks EU allies but Germany holds firm
Today
This Week
1. Greek Elections 2015 | LIVE
2. SYRIZA heads for historic victory but without majority
3. SYRIZA's win will test institutions
4. Greek Elections 2015: The day after | LIVE
5. EU must accept that Greek debt relief is inevitable
6. Athens may veto further EU sanctions against Russia
   Find us ...
  ... on
Twitter
     ... on Facebook   
About us  |  Subscriptions  |  Advertising  |  Contact us  |  Athens Plus  |  RSS  |   
Copyright © 2015, H KAΘHMEPINH All Rights Reserved.