PPC says rates to stay put, at least for now

Electricity rates will be fully deregulated in Greece as of Monday, but the head of Public Power Corporation (PPC) Arthuros Zervos announced on Saturday that there will be no changes to the pricing policy of the power giant for the next few months at least.

In anticipation of the decisions by the Environment and Energy Ministry on new regulations for the energy market, president and chief executive Zervos told reporters on the fringes of a PPC general meeting of shareholders that despite expectations for rate increases, PPC has decided against any hikes at this stage, to the relief of household consumers that have piled up debts in unpaid electricity bills.

The only rates that PPC intends to intervene on are those of its industrial clients, aiming to reduce the overall cost of energy. Regardless of the ministry’s decision, the average drop in rates for the medium-voltage consumption is to amount to 15 percent.

Asked about the privatization of PPC, Zervos said that he is still awaiting a decision from the government, adding that he was not sure how the government plans to implement a scheme for the transfer of 30 percent of PPC’s client base to a new smaller, and rival, entity.