The Public Power Corporation (PPC) intends to raise electricity bills because “it cannot afford to absorb burdens any more,” its chairman and CEOI Manolis Panagiotakis said on Wednesday.
“PPC cannot afford to absorb burdens any more. It needs to raise electricity bills and this increase will be as small as possible and fair,” Panagiotakis asserted.
He said PPC was planning a single-digit increase in electricity bills while examining a reduction in the discount offered to consistent consumers (currently 15 pct).
He also noted that final decisions were expected in the next two weeks, and stressed that the utility planned to meet with international investors in February ahead of the company’s exit in capital markets, seeking to raise 250-300 million euros. This money will be used, among others, to repay a bond maturing in May.
Panagiotakis said that this plan will be successful if PPC manages to improve its EBITDA. He added that a programme to settle consumers’ arrears was progressing positively.
Referring to LARCO, Panagiotakis said a final agreement on a new power supply contract with PPC was currently under discussion and expressed the hope that a “white knight” would apper to take over the company’s reorganization and restructuring.
He reiterated that investors’ bids for PPC’s lignite units were expected in January 23, although he did not exclude a new extension of the deadline.