Greek state to pre-pay energy consumption for 2017

The Greek state will pay in advance electricity consumption for next year in order to be included in a discount programe with a 6.0 pct benefit offered by PPC, with the aim to save money for state budget, Environment and Energy ministry officials said on Thursday.

The officials also offered more details over a ownership separation of ADMIE and said that an extraordinary general shareholders’ meeting of PPC approved related procedures and noted that the Greek state ensured that the electricity energy transport network would remain under state control in the framework of community legislation.
The officials said that issues raised by the four systemic banks, as PPC creditors, were fully cleared with coordinated action by the Environment and Energy ministry and the Finance ministry, while they said that a framework of guarantees worth around 300 million euros was agreed, offering collateral from Energy Holding for PPC loans, offering PPC’s industrial customer contracts as collateral, while PPC will receive 131 million euros from ADMIE as cash upstream, safeguarding an existing syndicated loan (1.476 bln euros) and PPC’s financial position.
The officials said that discussion on additional collateral offered was not related with a discussion currenty underway by PPC with creditor banks for a new loan worth 200 million euros. The Greek state is repaying arrears to PPC and plans to speed-up payments, they noted.