Great Moments In Socialism

Greece’s debt crisis threatened to turn into an energy crunch on Friday, with the power regulator calling an emergency meeting next week to avert a collapse of the country’s electricity and natural gas system.Regulator RAE called the emergency meeting after receiving a letter from Greece’s natural gas company DEPA, dated May 31 and seen by Reuters, threatening to cut supplies to electricity producers if they failed to settle their arrears with the company.
[...]
Power companies have failed to pay their bills to DEPA because they, in turn, have not been reimbursed by LAGHE, a state-run clearing account for the nation’s energy transactions.
In recent months RAE has repeatedly urged the government to shore up the accounts of LAGHE, which is sitting on a deficit of more than 300-million euros.
The account went into deficit because its receipts have not matched the generous subsidies it pays out to renewable energy producers, particularly for solar panels.

Schadenfreude mine.
h/t Maz2

Posted by Kate at 12:24 AM| Comments (26)