PPC chief executive speaks out on various utility concerns

Main power utility PPC boss Manolis Panagiotakis, in comments made yesterday to accompany the corporation’s first half results, covered a range of issues, offering some insight into the company’s view of crucial developments taking place in the electricity market.

The PPC chief exectutive said the corporation’s targeted electricity supply cuts for consumers refusing to cover unpaid electricity bills will be further pursued. He also announced an extension of the company’s softened payback offer to consumers with electricity bill arrears.

Panagiotakis reiterated PPC’s cashflow problem that has resulted from the alarming level of unpaid receivables.

Payment of Public Service Compensation (YKO) surcharges included on electricity bills and the Greek State’s settlement of 200 million euros owed to the corporation are necessary as a result of additional costs affecting PPC’s operations, including a RES-supporting surcharge imposed on electricity suppliers, and the the impact of the temporary CAT mechanism, Panagiotakis noted.

Commenting on Greece’s ongoing bailout-required process to split and sell 24 percent of power grid operator IPTO, PPC’s wholly owned subsidiary, to a strategic investor, Panagiotakis said achieving a maximum sale price is the main priority.