ECONOMY

PPC customers to see VAT cut in next bill, utility chief says

ppc-customers-to-see-vat-cut-in-next-bill-utility-chief-says

Public Power Corporation consumers will see a reduction in their bills of about 6 percent, thanks to the reduction of the value-added tax on power, PPC chief Manolis Panagiotakis said on Wednesday.

In an interview on Open TV, the head of the utility said the VAT reduction from 13 to 6 percent announced by Prime Minister Alexis Tsipras on Tuesday will have an immediate impact on consumers’ next power bills.

He also announced the opening of three new PPC offices in Attica by this fall in order to deal with the problem of customer having to wait in long lines at the firm’s existing offices. He added that he is in advanced talks with a major commercial chain over an agreement soon for serving PPC customers during shop opening hours.

Commenting on the corporation’s financial results, Panagiotakis reiterated that after the huge losses of 2018, PPC will return to profits in 2019. He stressed that last year’s losses of 542 million euros (not including the assets that will be conceded) were mainly the result of taxation and the devaluation of assets. He further assured that PPC will not increase power rates and expressed optimism for the sale of its four lignite-fired plants.