voda schreef op 20 februari 2014 16:43:
Greece to cut industrial energy cost as defying lenders
Reuters reported that Greece will reduce industrial companies' energy costs to save two struggling steelmakers shrugging off objections from international lenders that the move might blow a hole in Athens' finances.
It was further evidence of the debt laden country adopting a more assertive stance towards its creditors as it tries to soften the impact of bailout imposed austerity policies on its depressed economy and mitigate record unemployment.
Halyvourgiki and Hellenic Halyvourgia, two of Greece's biggest steelmakers, said that last week they would dismiss or suspend about 320 workers at their Athens factories because they could not compete due to high electricity costs.
Mr Kostis Hatzidakis this sparked a public outcry and Development Minister of Greece said that the government would override objections by the so called troika of international lenders and introduce flexible power prices to lower the firms' costs.
Mr Hatzidakis said that Athens will push through so called interruptibility agreements, under which big power consumers can briefly take their factories off the grid and get refunds from Greece's state run power network operator.
The troika has hitherto blocked such deals because it fears they could strain the finances of both the grid operator and utility concerns that would foot the bill. Greece's energy system nearly collapsed in a liquidity crisis in mid 2012.
Mr Hatzidakis whose ministry is in charge of industrial policy said that "This will displease the troika but the way things stand we have no choice. Electricity accounts for more than half of the troubled steelmakers' operating costs, a senior executive of one of them told Reuters on condition of anonymity.”
Source – Reuters