Power companies’ lack of cash risks blackouts
Greece faces the threat of rolling power blackouts as the economic crisis leaves utilities without cash to pay for natural gas imports and operate power stations.
Regulators will meet with Greece?s power market operator as early as today to discuss an emergency loan of 300 million euros ($375 million) to cover payments for gas imports from Russia?s OAO Gazprom (GAZP), Turkey?s Botas AS and Italy?s Eni SpA. (ENI) The country?s largest power producer is almost out of money and likely to default after unpaid accounts jumped more than 50 percent in a year, according to Standard
