Industrial users decry PPC intent to raise power rates, cut discounts

Monday, 05 November 2018 06:30

The Hellenic Union of Industrial Consumers of Energy (UNICEN), which represents Greece's power-intensive companies on energy-related issues and regulatory matters, has sharply condemned a recent initiative by the state-run Public Power Corp. (PPC), the dominant power utility in the country, to raise rates for industrial customers.

The group demanded an immediate intervention by the government, decrying what it called a plan to undermine the national economy by increasing power rates for the recession-battered industrial sector and eliminating certain discounts.

A general assembly of ATHEX-listed PPC's shareholders last July had approved an extension, until Feb. 28, 2019, of industrial power rates and volume discounts. The Greek state is PPC's biggest shareholder.

Nevertheless, industrial concerns declined to sign renewal contracts if a new agreement regarding rates wasn't first achieved.

According to reports, some UNICEN members have already received new PPC proposals that include rate increases and significant reductions in discounts, collectively increasing electricity rates by 20 to 30 percent.

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