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, ANA reports.
Panagiotakis also ruled out the possibility of a rate hike, despite 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”.
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