Public Power Corporation is reducing its power bill discount for regular customers as of April, as well as the prepayment discount, because of its increasing monetary woes.
The utility’s board meeting on Tuesday determined to reduce the 15 percent well-timed payment bargain to 10 percent from next month, and the discount for pay as you go bills from 6 interest to four percent, inside the face of principal liquidity issues.
The discount reduction is the ultimate in a listing of measures to reinforce the agency’s revenues that PPC’s administration has been analyzing for months, firstly tabling needs for the creation of a carbon emissions charge or a System Marginal Price levy so that it will contain the strain from the soaring fees inside the wholesale energy market.
The clean reaction through Energy Minister Giorgos Stathakis to any thought that could bring about a growth in power payments has now forced PPC to take lower back a 3rd of the discounts provided in July 2016.
The choice to reduce the discounts a few days before the ebook of the 2018 financial results displays to a notable quantity the deterioration of the utility’s fundamentals both compared to 2017 and the initial nine months of 2018, while PPC recorded losses of 299.5 million euros.