Electricity utility Public Power Corporation (PPC) is under threat from the explosive mix of increasing debts from consumers’ unpaid electricity bills and the obligation it has undertaken to reduce its use of lignite in power production. This means it is unable to pay off its own debts.
The arrears that both large and small consumers owe to the Athens-listed power company now amount to 2.5 billion euros.
The use of lignite accounted for just 24 percent of the utility’s electricity output at the end of March, compared to 35 percent at the end of December.
The expired debts that PPC owes to its contractors add up to 30 million euros.