The days of the olive oil market, what Patelis remembered, the hidden hope for Elpedison, the “come and go” of an amendment and the invoices at EYATH – Economic Post – 2024-03-08 22:40:18

I have no good news for you today! Not that other times I was pleasant, but the news was better than today’s…

Limited production

Well, I’ll get straight to the point. I was told by authoritative people from the olive oil market, that the weather reports predict another bad year! This year’s. In other words, this is practically a bad message for consumers. And it means that the price of olive oil will remain high for at least one more year!

Climatic

I was specifically told that February temperatures were 12 degrees above normal for the season. High temperatures are not good for trees. And also there were not the necessary rains….

Two months

The market has marked two months, from which it “reads” the size of the production. The first month is February. And as I told you, he is not good. The next month is May, because then the fruit ripens. So the first messages are negative. It remains to be seen the latter…

And Spain

Meanwhile, Spain – which has the largest olive grove in the Mediterranean – is moving in similar climatic conditions. They specifically told me that “it dropped a little rain in some areas, but nothing major. But maybe the situation is a little better than last year, but that’s it!

Out of stock

You understand that things will develop with great difficulty. In other words, we will enter a second year with low production and no stocks this time. In other words, the so far ominous forecasts mean that maybe olive oil production will move around 150,000 tons. And of course the bride will be paid again by the consumer.

“Frozen”

But also the market, which shows signs of destructuring. Since olive producers are not selling, expecting 12 and 15 euros per kilo. And buyers aren’t buying hoping prices will drop. And of course the exporters have avoided signing contracts with their international customers! Mill….

Piraeus

Undoubtedly, the new success story in the economy and the market is the placement in Piraeus.

The investors’ offers broke them… They gave about 11 billion euros to get 27% shares.

And as OT revealed, large investors with strong wallets entered and built strong positions in Piraeus.

Mr. Alexis Patelis

The head of the financial office of the Prime Minister, Mr. Alexis Patelis, spoke about the placement in the financial insert of the OT on One and to the journalist of our website Athanasia Akrivou.

In the comments he made, he remembered what was happening with Piraeus in 2019 and brought it back to the surface in order to demonstrate the extraordinary effort that was made in order for the bank to turn the match around… and now to write its own success story.

As he said in 2019, Piraeus had serious problems with its capital adequacy with bad loans exceeding 50% of its portfolio.

He even revealed that both inside and outside the borders they were calling for the closure of the bank. He also noted the positive results of the “Hercules” program but also the increase of 1.4 billion euros to strengthen capital adequacy amid criticism for this move.

In the past, all this…

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Elpedison

Let me continue with the revelations of the OT and the impact they have.

Yesterday’s news about Elpedison and the upcoming negotiations between the shareholders of HELLENiQ ENERGY and Edison regarding the share composition of their subsidiary, caused a stir!

I remind you that the two partners each own 50% in Elpedison, which is active in power generation and the supply of electricity and natural gas.

And the two sides are reportedly close to starting discussions about who will acquire the other’s stake.

Upheaval

I learn that at HELLENiQ ENERGY and Elpedison, there was a disturbance after the publication and they were looking for the leak… of the information.

Cooler market voices told me yesterday that “the 50-50 of HELLENiQ ENERGY and Edison has been successful for years.” However, the same sources added that “everything in life comes in a circle. So are relationships. Even she in Elpedison…”

Of course, it is possible that at the last moment some ace comes out of the sleeve and the two partners renew their relationship…

It may also have to do with developments in DEPA Emporias, where HELLENiQ ENERGY owns 35%.

I won’t tell you more…

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Thriller

And if Elpedison’s case causes anxiety and suspense, the next piece of information raises stronger emotions.

The promotion of the amendment that the staff of the Ministry of Environment and Energy has been preparing for about two weeks in order to implement the plan for cheap “green” electricity for farmers and industry is developing into a thriller. Essentially, it concerns the announcements for the launch of bilateral electricity purchase and sale contracts for industrial consumers and farmers, with the Renewable Energy Sources (RES) units which will supply them with electricity taking absolute priority in terms of connection to the electricity grid.

The “go – come”

Initially, it was expected to be introduced as an amendment to the bill for the seafront, then to that for private universities, while yesterday officials of the Ministry of the Interior reported that it would be included in a bill of the Ministry of Finance (Pillar II) that was introduced in the Parliament late at night. But it hasn’t been included there either.

Let’s see if it will finally be tabled as an amendment when it is introduced for a vote in the Plenary or if it will finally be included in the multi-bill of the Ministry of Foreign Affairs which is also expected, from week to week, to be put up for consultation.

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EYATH

And I will close, unfortunately, as I began. With an unpleasant news.

But it is probably a necessary evil.

As I learn, the Water Supply and Sewerage Company of Thessaloniki (EYATH) has sent the new tariffs to the Energy and Water Waste Regulatory Authority for approval.

I don’t know if the 30% increase in fixed assets and from 5% to 15% of the charges in the water consumption scales apply, but the bills to the people of Thessaloniki will be inflated…

Of course, as the EYATH administration reminded during yesterday’s press conference, it was significantly damaged by the energy crisis, while its tariffs had been stable for years…

According to the management of EYATH, the increase is a “necessary evil”, “the water, water” for consumers.