The main power utility PPC’s recently softened payback terms offered to consumers with arrears has generated a solid response. Roughly 35,000 consumers owing the utility a total amount of nearly 100 million euros have registered for the favorably revised payback program, entitling all parties to 36 installents without any deposit. Launched on April 1, consumers have until the end of July to sign up.
Prior to the payback plan’s revision, consumers were theoretically entitled to as many as 36 installments, but the actual number offered ranged between 15 and 20 monthly installments. Very few consumers were offered 36 installments. Also, a ten percent deposit of the respective total amount owed needed to be paid up front by consumers to qualify. The deposit demand was a major drawback for consumers, especially those owing considerable amounts.
Energy minister Panos Skourletis has pressured PPC to improve its collection record with the aim of offering consumers reduced electricity tariffs.
PPC is burdened by an unpaid receivables figure totalling 2.3 billion euros, accumulated by unpaid household, business, and state-related agency electricity bills. The utility’s revised payback program, the most generous in the corporation’s history, was offered as a result of its inability to collect consumer arrears that account for 30 percent of its annual turnover, a level regarded as perilous for the utility’s future.
Consumers who fail to register for PPC’s improved payback offer by July 31 will face the offer’s tougher preceding conditions should they choose to service their unpaid electricity bills through installments.