Public Power needs revenue injection as early as possible

An effort to boost Public Power Corporation's (PPC) revenues without increasing the burden on consumers - as promised by Energy Minister Kostis Hatzidakis and PPC's new management under Giorgos Stassis - is looking like an increasingly challenging task, as estimates of the amount needed to balance the company's accounts are estimated at 700 million euros on an annual basis.

An anticipated return of some 200 million euros from an adjustment in PPC's spending on other public utilities in 2011, as well as the reduction of value-added tax on electricity and another 200 million euros from the surplus of the account for the renewable energy sources (RES), add up to a potential revenue increase of 12 percent for the utility.

This translates into an annual boost of around 430 million euros for PPC's coffers, which, however, is still significantly below the 700 million euros...