THE PUBLIC Power Corporation (PPC) of Greece will be able to honour a long term contract with Aluminium of Greece to supply it with cheap electricity at a loss, even after the part-privatised generating company faces full competition in the European Union (EU) energy market under EU liberalisation directives.

The European Commission has authorised the Greek government to pay PPC up to Euro 178 million for this so-called 'stranded cost,' a legal term under European law for a liability incurred by a power producer when its energy market ...

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