ECONOMY

Rise in PPC rates to be balanced by lower VAT, renewables levy

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Financially troubled electricity company Public Power Corporation has decided to increase its rates from September by 16.4 to 19.4 percent, depending to the level of consumption.

This, however, will not affect the electricity bills of its 7 million clients, households and corporations alike, because of the reduction in VAT and the levy in favor of renewable energy sources.

The measure will make up for 490 million of the expected 800-million-plus shortfall.

The employees’ union protested because a 75 percent discount for PPC workers is being reduced to 30 percent.