The Public Power Corporation (PPC) board approved a proposal by the Greek state, the basic shareholder, to offer additional discount up to 20% to electricity rates for large electricity consumers during 2016-2017 period.

The board proposal envisages seven different rates depeding on consumption profile of each industry. The new proposal presented by secretary-general of Environment and Energy ministry, envisages additional discounts based on the annual consumption of each industry.

For household consumers a 5.4% discount will be applied from January 1^st, 2016, while for transmission networks the discount will take effect from February 1st, 2016, 12.5% for power and 3.91% for energy.

Panagiotakis, chairman and chief executive of PPC said the proposal by the basic shareholder was obligatory and added that the electricity utility has not yet assessed whether this proposal covered or not costs, although he stressed that the proposal was legitimate.