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 (ENI.MI), Turkey's Botas and Russia's Gazprom (GAZP.MM), 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 (MYTr.AT), Heron and Corinth Power - which cover about 30 percent of the country's power demand - would be forced to stop operations.
Greece's grid operator ADMIE would then have to proceed to rotating power cuts to avoid a general blackout, just as the country's summer tourism season, a rare foreign exchange earner for the country's uncompetitive economy, goes into full swing.
http://uk.reuters.com/article/2012/06/01/us-greece-power-idUKBRE8500ML20120601
Great. Riots in the dark and cops with no power. What could possibly go wrong?
Thanks, someone will save their bacon.