VAT rate cut for electricity will lead to 7 pct reduction on bills, PPC CEO Panagiotakis says
The reduction of VAT on electricity will translate into a 7.0 percent reduction on the final bills that consumers will be asked to pay according to Manolis Panagiotakis, Chairman and CEO of the Public Power Corporation (PPC), Greece's main power utility.
In an interview with the television station "Open" on Wednesday, he pointed out that this will increase the ability of consumers to both pay their bill and to settle past arrears.
"This is why, apart from social sensitivity, we greatly welcomed this measure as a business," he added, noting that the reduction will be apparent from the next utility bills issued in May.
Panagiotakis also ruled out the possibility of a rate hike, in spite of higher production costs, and said there was sufficient surplus production to ensure that there were no supply problems in the islands. He also ruled out a "collapse" of the PPC, pointing out that the current year should end with net profits since the losses announced in 2018 were "largely on the books".
On the securitisation of arrears to the PPC, he noted that this concerned the company and the fund that would "buy" the debts: "For the consumers there will be no difference in relation to what is happening now. They will deal with the PPC and only with the PPC," he said.
Souce: ana-mpa
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