Friday, June 01, 2012

Greece faces power shut down next week

Reuters Africa carries the report on the next likely crisis for the EU tormented former nation state of Greece, which may be read from this link. The following is a brief quote:

"RAE is taking crisis initiatives throughout next week to avert the collapse of the natural gas and electricity system," the regulator's chief, Nikos Vasilakos, told Reuters. RAE has summoned DEPA and the affected companies to a meeting on Wednesday, Vasilakos said.
According to an energy industry source who declined to be named, DEPA has no cash to settle gas supply bills worth a total 120 million euros ($148.4 million) with Italian gas firm Eni , Turkey's Botas and Russia's Gazprom, which fall due this month.
DEPA CEO Haris Sahinis declined to comment on the company's cash position but told Reuters: "DEPA is taking every action to avoid owing anything to its suppliers."
If DEPA cuts off supplies, Greece's independent power producers such as Elpedison, Mytilineos, Heron and Corinth Power - which cover about 30 percent of the country's power demand - would be forced to stop operations.


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