ECONOMY

Energy debts on the rise

The energy market?s cash flow problem is worsening as the deficit of the Electrical Energy Market Operator (LAGHE), the successor to DESMHE, has soared to 500 million euros.

The pressure is growing on the Public Gas Corporation (DEPA), which will have to pay its international suppliers at a specific time while its coffers are empty because its customers are unable to pay their debts to it.

The problem was explained in a letter that DEPA?s chief executive, Haris Sachinis, sent to Energy Minister Giorgos Papaconstantinou and Finance Minister Filippos Sachinidis last week. The debts electricity producers, who use natural gas to produce power, have to DEPA run up to 300 million euros.