ATHENS (Reuters) – Greece’s Public Power Corp. (PPC) (DEHr.AT) will not cut the electricity supply to Larco before the start of the new year as the government works on a plan to avert a closure of Europe’s biggest nickel producer, the utility said late on Wednesday.
Larco, which is 55 percent owned by the Greek state, owes about 280 million euros ($319 million) in unpaid electricity bills to state-controlled power utility PPC, also a minority shareholder in the company.
PPC said on Wednesday it will continue to supply Larco with electricity until the end of the year after the Greek energy ministry intervened.