ECONOMY

Unpaid PPC bills grow by 4 mln euros a day

The electricity market in Greece is in serious trouble as a source at the Public Power Corporation (PPC) told Kathimerini that unpaid bills are growing at a rate of 4 million euros per day.

PPC officials speak of an unmanageable situation concerning the company’s cash flow, which is getting worse by the day and is set to reach its limit in December, which will mean trouble for the rest of the electricity market too.

The problem starts with consumers’ inability to pay their bills and is aggravated by recent regulations regarding the operation of the electricity market and the renewable energy sources sector which have burdened PPC with very high costs.

“The picture we now have is far worse than we had anticipated regarding the collection of bill payments. The situation has been deteriorating since August and in the last two months the gap between bills issued and payments collected has reached 4 million euros per day,” a PPC official told Kathimerini.