Wednesday October 22, 2014 Search
Weather | Athens
24o C
11o C
News
Business
Comment
Life
Sports
Community
Survival Guide
Greek Edition
Energy cost cuts even without EU approval

By Chryssa Liaggou

The government intends to implement measures reducing energy costs for enterprises, even without the approval of the European Commission, Development Minister Nikos Dendias said on Thursday following a ministerial committee meeting on industrial policy.

The minister made special reference to a measure allowing electricity-dependent companies to switch off when power is at its most expensive. The measure, known as an interruptable contract, prompted the Directorate General for Competition in Brussels to demand clarifications from the ministry on June 11. The ministry has not responded yet.

Dendias also referred to a measure that would lead to the return of 50 million euros from the 2013 earnings of Public Gas Corporation (DEPA) to its clients, as the government has pledged since February.

Dendias explained the measure on the basis of DEPA’s high profits and the high rates it charges its clients. The Greek side, he said, contends that a share of these earnings should be returned to the firm’s clients to make them more competitive, arguing that if excessive rates force them to shut down there will be no profits at all for DEPA.

If there is complete disagreement with European authorities, then “we reserve the right as a sovereign country to do what we think is right, and any other side has the right to refer us to the institutions that have jurisdiction over all European [Union] states,” said Dendias.

Industrialists took a more measured stance in a memorandum submitted to the minister ahead of Thursday’s meeting, stressing the need for compliance with EU regulations in order to avoid the measures being considered as state subsidies.

On the return of DEPA profits, the memo recommended that a detailed report be drafted on how exactly it will work by a law firm specializing in state subsidy issues. The industrialists said that they are prepared to cover the cost of any legal consultation sought by the ministry on the issue.

Theodoros Fessas, the head of the Hellenic Federation of Enterprises (SEV), who participated in the meeting, stressed the need for immediate decisions to cut energy costs in industry. His message to the other participants reportedly was that “the drastic reduction to the final cost of both electrical energy and natural gas down to the European Union average levels constitutes a condition for the survival of Greek production units.”

He added that labor market interventions “have already been enough” and that SEV never asked for a further reduction to labor costs. He said that it is non-salary costs that need to be slashed.

ekathimerini.com , Thursday Jul 31, 2014 (22:27)  
Credit sector officials sleeping easy ahead of stress test results
Certainty on primary surplus target
Feverish talks on payment plan proposals
TUI promises even more tourists
Archaeologists find missing head of Amphipolis sphinx
Archaeologists digging at a tomb dating to the era of Alexander the Great in ancient Amphipolis in northern Greece have found the missing head of one of the two sphinxes guarding the entranc...
Coalition leaders prepare for troika amid sour mood
A dispute between New Democracy and PASOK over civil servants’ salaries continued Tuesday, underlining the big task facing Prime Minister Antonis Samaras and Deputy Prime Minister Evangelos ...
Inside News
BASKETBALL
PAOK fans stop coach Markopoulos´s move to Olympiakos
Olympiakos is once again in the lookout for a new coach after the refusal of PAOK to release Soulis Markopoulos, while Panathinaikos defeated Kolossos on Rhodes on Monday to become the only ...
BASKETBALL
Reds lose to Nea Kifissia, search for new coach
Nea Kifissia recorded the biggest win of its short history in the top flight defeating Olympiakos 68-67 on Sunday, in a Basket League weekend marred by the abandonment of the Thessaloniki de...
Inside Sports
COMMENTARY
The ECB collateral for Greece must be lowered to 5 pct
According to recent reports, the European Central Bank plans to reduce the “57 percent penalty,” that is the discount applied to almost all Greek government bonds (GGBs) held as collateral b...
INTERVIEW
The past, present and future of the Greek debt crisis
For a decade, until mid-2012, Josef Ackermann was the CEO at Deutsche Bank. It was a position that earned him the nickname “shadow chancellor” of Germany and allowed him to play a decisive r...
Inside Comment
SPONSORED LINK: FinanzNachrichten.de
SPONSORED LINK: BestPrice.gr
 RECENT NEWS
1. Credit sector officials sleeping easy ahead of stress test results
2. Certainty on primary surplus target
3. Feverish talks on payment plan proposals
4. TUI promises even more tourists
5. Archaeologists find missing head of Amphipolis sphinx
6. Coalition leaders prepare for troika amid sour mood
more news
Today
This Week
1. The past, present and future of the Greek debt crisis
2. Gang importing heroin into Greece busted
3. Greece said to seek tailor-made plan for bailout exit
4. Self-opposing coalition
5. Gutsy rectors
6. Applications for heating oil subsidy set to start
Today
This Week
1. Possible third figure in Amphipolis mosaic may be uncovered shortly
2. Istanbul skyscraper casts shadow over Greece's banking ambitions
3. Coalition shooting itself in the foot
4. GPO poll gives SYRIZA clear lead over New Democracy
5. Greece must stick to reforms, says Schaeuble
6. Greece’s closed society is central to its current malaise
   Find us ...
  ... on
Twitter
     ... on Facebook   
About us  |  Subscriptions  |  Advertising  |  Contact us  |  Athens Plus  |  RSS  |   
Copyright © 2014, H KAΘHMEPINH All Rights Reserved.