October 22, 2018 / 4:35 PM / 10 months ago

Greek power utility PPC to make savings after government scraps charge

ATHENS, Oct 22 (Reuters) - Greek utility Public Power Corp. (PPC), which is struggling with unpaid bills, will benefit from a government decision to scrap a charge to fund renewable energy, the country’s energy minister said.

George Stathakis told the semi-state Athens News Agency on Monday that the government planned to introduce legislation soon to scrap the charge and that PPC, the country’s biggest power utility, would make savings of at least 250 million euros ($287 million) over the next two years.

The utility is struggling to collect about 2.4 billion euros in unpaid bills and is selling part of its coal-fired capacity to open the market up to competition.

The charge was introduced a few years ago to fund renewable energy projects but Stathakis said it was no longer needed as the government’s renewable energy fund was now in surplus.

PPC, which is 51 percent state owned, has an 83 percent share of Greece’s retail power market, leading smaller alternative producers by far. ($1 = 0.8726 euros) (Reporting by Angeliki Koutantou; Editing by Susan Fenton)

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