The low collection rate of Public Power Corporation (PPC) bills from its customers is becoming an ever greater problem for the utility’s finances and the servicing of its requirements.
The deterioration of the electricity bill payment rate began long before the March lockdown, which increased payment delays by an additional 20%, according to a formal briefing of the PPC governing board by chairman and chief executive officer George Stassis last month.
The monthly data on bill collection show a deterioration since September 2019, the month when the government introduced the measures package for streamlining the power giant. Figures seen by Kathimerini reveal that from September 2019 to March 2020 PPC issued bills worth 333 million euros less than in the same period a year earlier (September 2018 – March 2019) and collected €549.1 million less.
The further drop in collection after March has made the PPC management express concern about the coming months as it is hard to estimate the consequences of the recession on the ability of consumers to meet their bill payments.