Reports: Loss-making PPC to unveil 500-mln€ rescue plan on Friday

Wednesday, 28 August 2019 20:37
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The new leadership of the Public Power Corp. (PPC), Greece's dominant but currently loss-making electricity utility, will reportedly unveil a rescue plan on Friday worth 500 million euros, revolving around the prospect of rate hikes which, however, will be off-set by a reduction in the VAT and "green" surcharges tacked on to consumers' bills.

According to reports widely circulated on Wednesday, the proposal by new PPC President and CEO Giorgos Stassis includes a direct increase in the price per kilowatt - off set by the VAT and ETMEAP cuts - to boost revenues, but still maintaining the utility's lowest fixed charge in the domestic market.

ETMEAP is the Greek-language acronym for Special Duty of Greenhouse Gas Emissions Reduction.

Another reported measure is a decrease, from 10 to 5 percent, of a discount extended to customers that pay their bill on time.

Based on the reports, the ATHEX-listed utility wants to increase the charge for consumption of less than 2,000 kilowatts per four months, from 0,0946 per kilowatt currently, to 0.11058.

For consumption exceeding 2,000 over a four-month period, the rate will go to 0.11936, from 0.10252 today.

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