Greek state-owned Public Power Corporation (PPC) has secured the approval of its shareholders for new tariffs the company will apply to its largest client Aluminium, thus marking the end of two years long negotiations.
Aluminium producer Aluminium, owned by Mytilineos Group, and PPC have been involved in a decade long dispute over the electricity charges. The Arbitration Court previously settled the dispute for 2010-2013 period and the two sides have been in talks over this matter since 2014. According to the agreement, PPC will offer Aluminium a 33 % discount over tariffs charged to other big industrial consumers. PPC will offer an additional discount of 15 %, while Aluminium will pay 100 million euros as a down payment for electricity supplied by mid-2017 and an advance payment of 30 % of the total charges of electricity supply by 2020.
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Tags: Aluminium, discount, electricity, electricity supply, Greece, PPC