Public Power Corporation is reducing its power bill discount for regular customers as of April and the prepayment discount because of its increasing monetary woes. On Tuesday, the utility’s board meeting 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 4 percent in 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 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.
Energy Minister Giorgos Stathakis’s clear reaction to any thought that could increase power payments has now forced PPC to reverse a third of the discounts provided in July 2016.
The decision to reduce the discounts a few days before the publication of the 2018 financial results shows the utility’s fundamentals deteriorating compared to 2017 and the initial nine months of 2018, while PPC recorded losses of 299.5 million euros.
