PPC price rate revisions expected later than July 1

Price rate revisions at the Public Power Corporation (DEI) will be delayed, despite a commitment to the country’s creditors for the introduction of new rates as of July 1. The delay has been attributed to unfinished preparatory work at the firm ahead of its implementation of the revised rates, according to the corporation’s president and managing director, Arthuros Zervos.

The company chief noted that DEI was currently examining the extent of price hikes to be implemented for domestic electricity consumption in the “0-800 kilowatt hour per four months” category, as well as a reduction of rates for commercial electricity connections. Rates for the agricultural sector, as well as late-night domestic consumption, are expected to remain unchanged.

Mr. Zervos did not specify the extent of the anticipated price increases and reductions, but did note that electricity rates in Greece would remain among the European Union’s lowest.

He added that the corporation’s involvement in the state’s collection of property taxes – added to electricity bills – would be terminated on July 31. The practice has led to a sharp increase of overdue amounts owed to the company.