Greek Public Power Corporation (PPC) announced that a 15 % discount on electricity bills for regularly paying customers which was introduced last summer incurred a loss of 83 million euros in revenues in the first nine months of 2016. Since this measure came into force on 1 July 2016, this means that the loss of 83 million euros covers only the period between July and September.
Transposed to an annual level, the discount will incur a loss of revenues of 330 million euros. However, by subduing its profit margin, PPC managed to restrict the outflow of customers to rival electricity suppliers, which is proven by firm 88 % share in the domestic electricity supply market. But, due to an agreement with Greece’s creditors and further liberalization of electricity market, the share of PPC on retail and wholesale electricity markets should be reduced by 20 % by the end of the year and should be lower than 50 % in 2020.
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Tags: discount, electricity, electricity supply, financial, Greece, PPC