New industrial power supply deals discussed at PPC meeting

The board at the main power utility PPC discussed the progress of electricity supply agreement renewal negotiations with high-voltage industries, among other matters, at a meeting last week, the power utility has announced.

The talks did not include seven different types of discounts offered to high-voltage industries, based on a decision reached in December, 2015.

PPC has begun negotiations with a selection of high-voltage customers for supply agreements that expired at the end of 2017. Talks with major-scale customers eligible for additional discounts are expected to commence soon, possibly early next month.

The troubled state-controlled general mining and nickel producer Larco, facing a rising debt level and unable to meet a series of payback arrangements offered by PPC, represents one of the most difficult high-voltage customer cases for the power utility. Just days ago, PPC’s chief executive warned that the power utility will interrupt its electricity supply to the industrial enterprise. At present, TAIPED, the state privatization fund, controls 55.2 percent of Larco, the National Bank of Greece holds a further 33.4 percent and PPC 11.4 percent.

Larco is PPC’s biggest debtor, by far, among industrial enterprises. Many other major-scale electricity consumers also owe significant amounts to the power utility. Others are managing to service current electricity bills but have not established payback arrangements with PPC for unpaid electricity bills concerning past consumption.