PPC CEO to present 500-million-euro rescue plan on Friday

The new President and CEO of Greece's struggling public power utility PPC wll present to the company's board on Friday a 500-million-euro rescue package, where rate hikes will be offset by lower VAT and other levies for a net neutral impact on consumers, according state-run Athens-Macedonian News Agency on Wednesday.

The proposal, which will be made by Giorgos Stassis, will include a higher charge per KWh to boost the electricity utility's revenues, which will be fully offset by lower VAT and the special levy for reducing greenhouse gas emissions.

The company also intends to reduce discounts for prompt payment, from 10 pct to 5 pct, and introduce a carbon emissions penalty that will not have an immediate impact on PPC bills.

In addition, PPC will introduce an additional 50 pct discount for those on mechanical support that are eligible for the Social Domestic Tariff.

[ANA-MPA]