PPC (Public Power Corporation) board member Nikos Vernikos has offered an ominous picture of the current state of the electricity market, warning that the continuity of power supply in Greece faced destructive risk if the government does not act fast to make firm decisions.
The board member highlighted the electricity market’s intensifying problem amid the ongoing deep recession over the past six years, which has left a sizeable chunk of consumers unable to cover their electricity bill payments. This has led to major cash-flow problems at PPC and an elevated risk of wider repercussions in the energy market.
PPC is effectively rudderless at present following the resignation of CEO Arthuros Zervos about a fortnight ago. Earlier this week, the Production Reconstruction, Environment and Energy Ministry announced that an extraordinary shareholders meeting will be held on April 3 for the appointment of a new CEO and board.
“We’re facing the danger of an energy collapse and nobody seems to understand this,” a sector authority warned, adding that the level of unpaid overdue electricity bills in Greece, based on latest figures, was close to two billion euros and rising.
Production Reconstruction, Environment and Energy Minister Panayiotis Lafazanis has asked Zervos, the resigned CEO at PPC, to continue serving his post until a successor is appointed.