All precautionary measures have been taken at PPC, the main power utility, to ensure smooth electricity supply in Greece for as long as necessary, the corporation’s CEO, Manolis Panagiotakis, noted today in response to the introduction of capital controls.
According to sources, PPC officials, who held an extraordinary meeting last night, have begun processing data based on the new conditions, the main objective being to protect local energy sources – lignite and hydropower facilities. Power stations are already stocked up with lignite, while conditions at hydropower stations are sound, sources said.
It is believed that electricity imports may be reduced and replaced by production at local natural gas-powered electricity facilities. Natural gas imports will continue as normal. Mazut supplies needed at stations are also available, sources said.
Officials noted that electricity supply on the islands is guaranteed for the entire summer, at least, as PPC maintains emergency fuel supplies for ninety days. A shipment of 40,000 tons of fuel has been scheduled for July 13.
The sources noted that meetings will be held on a daily basis for continual assessment and management of power production as well as PPC’s liquidity situation. Further cash-flow problems are anticipated at PPC as a result of the capital controls imposed.
Panagiotakis, the CEO, noted the corporation is prepared to cover payments to suppliers and creditors, as well as a deposit payment for the construction of Ptolemaida 5, a new power station planned for development in Ptolemaida, northern Greece. The PPC head noted that a construction permit for the project may be issued within the current week, or possibly next week. The corporation is able to cover the deposit payment needed for work to begin, he highlighted.