ECONOMY

Power rate cuts for millions of homes, firms

The Public Power Corporation (PPC) announced new electricity rates for 2011 that will see cuts by up to 20 percent for some 1.2 million homes, while about 1 million companies are set for reductions of between 5 and 18 percent within the context of the power market’s liberalization. In contrast, farmers and the owners of holiday homes will see rates rise by up to 14 percent. The regulated prices today mean that corporations had been forced to subsidize rates for farmers and low-consumption homes. Also yesterday PPC CEO Arthouros Zervos told Reuters that changes to power tariffs would not affect the corporation’s earnings, as its expansion abroad will likely offset market share loss. PPC’s stock closed the day with gains of 3.40 percent on the local bourse, reaching 12.16 euros.