ECONOMY

Athens sees ‘Small PPC’ specter return

athens-sees-small-ppc-specter-return

A scheme to create “Small PPC,” a subordinate rival to Public Power Corporation, by splitting away part of its production plants, network and clientele, is back on the table despite the government’s expressed opposition to such a plan.

Athens has seen every one of the alternative solutions it has proposed to open up the local electricity market being shot down, while the deadlines for the implementation of its bailout commitments become even more pressing.

Rapid developments are expected regarding the monopoly of PPC in lignite capacity and hydroelectric plant use, with the corporation and the Energy Ministry fighting against the clock to avert what they see as the worst possible scenario. The previous government’s plan for a small spin-off to rival PPC may have frozen, but the relevant legislation remains in force as long as an alternative is not found to reduce PPC’s retail market share by 25 percent up to 2018 and by 50 percent up to 2020, according to creditor demands.

The European Court of Justice is to examine the PPC case against Brussels’ decision for the abolition of the company’s lignite monopoly on March 8, but even PPC itself realizes it is a lost cause.