Free CO2 emission rights would boost investments, PPC chief tells

Reducing electricity costs, the provision to Greece of free carbon emission rights as of 2016 being a key aspect of the effort, was discussed at a weekend meeting between main power utility PPC chief Manolis Panagiotakis and Greek members of European Parliament, held to exchange ideas on crucial PPC matters and the energy market.

Greek officials fear that if the country is not granted free carbon emission rights, based on the size of Greece’s GDP now being below 60 percent of the EU average, then the cost of electricity will sharply increase and lignite-fired electricity production will cease being economically feasible, subsequently endangering local energy supply.

The PPC chief official told the meeting free carbon emission rights for Greece would boost sector investments and help achieve an overall environmental upgrade through the replacement of old lignite-fired stations with new, more efficient, environmentally friendly facilities.

PPC wants lignite-fired production to be maintained at a level of 35 percent of local production over the next twenty years as a means of ensuring supply security.

The meeting’s officials, representing a range of center-to-left Greek political parties, described the IPTO power grid operator’s assets as prized and irrreplacable assets belonging to parent company PPC.