ML-Implode News - Greece's dark age: how austerity turned off the lights

People in poor neighborhoods are also increasingly turning to energy fraud, meaning that the problem for PPC is much higher than the mountain of unpaid bills suggests.
Power theft is costing PPC around 500-600 million euros a year in lost income, an industry official said...
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PPC, which has a 90 percent share of the retail market and 60 percent of the wholesale market, is supposed to reduce this dominance to less than 50 percent by 2020 under Greece's third, 86 billion euro bailout deal.
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The lenders also want PPC to sell some of its assets, but the company is toiling under the debt of unpaid bills, a problem opposition lawmakers say will force a fire-sale.

In little over a year from June 2015, overdue bills to the 51-percent state-owned firm grew by nearly a billion euros to 2.6 billion, Chief Executive Manolis Panagiotakis told lawmakers in March.

Analysts estimate PPC's cash reserves have shrunk to about300 million euros, forcing it to secure a 200 million euro bank loan to repay a bond due in May.

The tangle has left it with little leeway for new investments or to fund a switch to cleaner forms of energy from coal to improve environmental standards.

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Greece's dark age: how austerity turned off the lights