Power market hangs on the handling of unpaid bills

The debt settlements that power consumers have arranged with Public Power Corporation appear to have gone down the same road as those for debts to the state and the social security funds. Many people have signed up to the PPC payment programs, allowing them to settle debts in up to 36 installments, but a large number have proved unable to keep up with their obligations.

Debtors’ inability to pay their dues to PPC is like a ticking time-bomb for the corporation, as well as the entire electricity market, whose structure is inextricably linked to the smooth operation of the national power giant. Therefore the market is keen to see both the company and the new energy minister, Giorgos Stathakis, take measures to deal with the problem.

The statement by a senior energy company official that “PPC must stand on its feet because if it crumbles it will take the entire market down with it and lead to an energy crash” is indicative of the worries inside and outside the corporation regarding its resistance to pressure.

The issue of the expired debts was raised at the latest PPC board meeting, on November 8, in which the board expressed satisfaction with the number of debtors entering the payment programs. However, the PPC workers’ union (GENOP) warns that expired debts now stand at 3 billion euros.