The Public Power Corporation will be redesigning its pricing policy in light of the new system in the electricity market and the abolition of the adjustment clause from July 1.
Ιn response to questions during a general shareholders' meeting, PPC Chairman and CEO Georgos Stassis said on Wednesday "We are called upon to set a price. We will implement the law and announce our rates before their implementation," adding that with the new rationale there was no questions of discounts such as those implemented up to this time.
The revised law requires that all power providers announce the rates that will apply from August 1.
From now on the PPC is set to assist all consumers, not just its customers
Stassis said the new system will permit the PPC to make profits from production as usual while also helpin with commerce, the main difference being that the PPC will henceforth assist all consumers (since the financial surplus from production will be transferred to the Energy Transition Fund) and not just its customers (the surplus is currently used to subsidise the discounts to retail customers).
He noted that the higher profits from power production in 2021 had funded the 800 million euros in subsidies given to customers and that the one-off emergency levy, estimated at 200 million euros, will impact the company's results while efforts were being made to cover the difference from other sources. As the money would be spent on subsidies to consumers, Stassis added, this would also improve collection of revenues.
The PCC has coal reserves and alternative fuel sources
With respect to a possible interruption in the supply of Russian natural gas, the PPC CEO highlighted that the company had coal reserves and alternative fuel sources, while currently proactively restricting the use of hydroelectrics to safeguard reserves of water. If the supply was cut off, he noted, this would lead to a significant increase in prices and European countries will be forced to restrict consumption.