Monday, June 4, 2012

Energy meltdown looms large over Greece | EurActiv

Green games contribute to threat of blackout in Greece, as the gas company threatens to cut off electricity generators unless they bring current their account payments

Energy meltdown looms large over Greece | EurActiv:
"Power companies have failed to pay their bills to DEPA because they, in turn, have not been reimbursed by LAGHE, a state-run clearing account for the nation's energy transactions.
In recent months RAE has repeatedly urged the government to shore up the accounts of LAGHE, which is sitting on a deficit of more than €300 million.
The account went into deficit because its receipts have not matched the generous subsidies it pays out to renewable energy producers, particularly for solar panels.
LAGHE's deficit deteriorated earlier this year when two electricity retailers, PPC's biggest rivals, went bust without honoring their obligations to the account, leaving authorities scrambling to find cash.
The easiest way to do this would be to take out a loan of between €300 and €400 million from the state-run Loans and Consignment Fund, which has the cash sitting in a so-called "Green Fund" for environmental purposes.
But the so-called "troika" of Greece's international lenders, the European Union and the International Monetary Fund (IMF), refuse to approve this move, PPC Chief Executive Arthouros Zervos told Reuters in an interview."
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