Accumulated arrears owed by power utility PPC to two operators, the power grid operator IPTO and distribution network operator DEDDIE/HEDNO, currently totaling approximately one billion euros, will be serviced bit by bit until the end of next year, when PPC hopes its finances are sturdier to enable bigger and more frequent payments.

PPC, currently dealing with an unresolved annual cash deficit of around 900 million euros, is not in a position to add any further pressure to its strained finances.

An energy sector draft bill amendment was submitted to parliament yesterday to help stop a domino effect of unpaid sums concerning the two operators, PPC, electricity producers and suppliers.

Producers and suppliers owing the two operators network fees have refused to pay these amounts contending the operators owe them even bigger amounts as the latter are not receiving sums owed to them by PPC.

The amendment offsets pending accounts concerning the operators and electricity producers and suppliers.