PPC’s unpaid receivables still high at €2.23bn, chief reports

The main power utility PPC’s unpaid receivables figure remains stubbornly high at 2.231 billion euros, according to company data presented today by chief executive Manolis Panagiotakis at a shareholders’ meeting.

The level of the utility’s current unpaid receivables, just 67 million euros less than the 2.298 billion euro figure reported at the end of 2015, indicates that a relatively recent payback program – through monthly installments – offered by PPC to customers behind on their electricity bills has so far failed to produce desired results.

Panagiotakis, at the shareholders’ meeting, informed that approximately 500,000 PPC customers owing about 800 million euros have made monthly-installment payback arrangments with the utility, but added that a significant number of customers are still avoiding payments of arrears. The greatest amount concerns customers with arrears averaging over 3,000 euros, the utility’s chief explained.

PPC’s administration intends to continue offering a discount for punctual customers as well as the payback program with the aim of reducing its unpaid receivables figure, Panagiotakis informed, while admitting that these initiatives had reached their limits.

The chief executive informed that PPC has launched a procedure to recruit a consultant who will be tasked with helping restrict the utility’s unpaid receivables and boosting its cash flow to help offset a bailout-required market share contraction plan.