Power utility PPC’s accumulated debt owed to market operators, which, along with amounts owed to contractors, exceeded 900 million euros two years ago, is now being brought under control, reduced to between 40 and 60 percent of previous levels on the strength of solid operating profit figures and improved electricity-bill collection records.
PPC is achieving a continual reduction of debt owed to power grid operator IPTO, distribution network operator DEDDIE/HEDNO, and RES market operator DAPEEP.
The power utility’s net debt owed to IPTO has now fallen to 50 million euros, from 140 million euros in December, 2019.
The corporation has been just as successful in its reduction of debt owed to DEDDIE/HEDNO, down 60 percent, but its reduction of debt owed to DAPEEP has been slightly milder, dropping nearly 40 percent, to 170 million euros from 270 million euros.
The debt figures may be improving but some time will be needed before the bigger picture is entirely cleared up as PPC faces a series of law suits filed by operators. The power utility has appealed many of these, but court hearings remain pending.