The ominous developments over the past weekend are – to say the least – causing concern on Nikis Street and Megaro Maximou. I am referring to Iran’s missile attack on Israel – in “response” to the bombing of the Iranian consulate in Damascus. The international disturbance that has prevailed is sure to “break out” primarily in the price of oil.
Oil
There is already talk of its rise to 100 dollars a barrel – it has almost been discounted! There are two scenarios. The good scenario is that the effects will be short-term and will “flatten out” very soon, bringing the markets back to their previous state.
Bad script
The bad scenario – one way or another to maintain irritation and have the … “predicted” outbursts. In this case, things are difficult. And not only for the American elections and President Joe Biden, but primarily for us!
Accuracy
An increase in energy costs will create a serious problem for the Greek economy. And it is possible that the fragile economic development will … go for a walk! In principle, it is certain that the transport costs of businesses will increase, but also their operating and production costs. This development will weigh on product prices. And of course it will worsen the situation of accuracy that prevails in the market, to the detriment of … family budgets!
With dramamines
You realize that the so-called measures to limit the accuracy of the Ministry of Development will … go for a walk! Rising inflation will affect budget execution. And it will increase the use of … dramamines on Nikis Street!
Spasmodically
The Deputy Minister of Finance, Mr. Haris Theocharis, who plays the role of … bad guy – I don’t know if there is a specific division of roles in the staff of the Ministry of National Economy and Finance… – said yesterday to Mega that “in the short term, there is no doubt that the markets will react impulsively. Now in the first days we will see increases, as long as there is concern and doubt about the development of the situation”!
Along with the basil…
Our hope, therefore, in this case is that this situation, in the Middle East region, plays a decisive role in the long pre-election period of the USA. And because it can cause negative developments at the expense of the Democrats, President Biden has every reason to become more decisive in his intervention. And that’s how we can be saved too!
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The Cyprus-Greece cable
Something strange is happening with the mega project of the Greece-Cyprus-Israel electrical interconnection, also known as the Great Sea Interconnector.
It is no coincidence that on Friday, April 12, the Minister of Environment and Energy, Mr. Thodoros Skylakakis, and one day later, on the 13th of the month, the ADMIE under the management of the president and CEO, Mr. Manous Manousakis, responded to the Cypriot Minister of Energy, Mr. George Papanastasiou.
The latter raised the issue of updating the business plan of the project, specifically the part that concerns the electrical interconnection between Greece and Cyprus.
ADMIE
ADMIE, which wholly owns the implementation body of the “Great SeaInterconnector” project, hastened with an informative note to note that the business plan of the project when it received the subsidy of 657 million euros from the European Commission was not the result of a slight update but compiled from scratch with the most up-to-date assumptions from a Big Four company. Let me remind here that the project was headed for collapse by the previous organization implementing Cypriot interests until ADMIE took it over.
I should also note, as I learn, that there was also a relevant agreement between the Prime Minister, Mr. Kyriakos Mitsotakis, and the President of the Republic of Cyprus, Mr. Nikos Christodoulidis, on issues such as the sharing of the cost of the project between the Greek and Cypriot taxpayers.
Mr. Thodoros Skylakakis
Mr. Skylakakis replied to Mr. Papanastasiou, noting from Delphi that without the project, Cyprus will remain in energy isolation. “We have shown a surplus of good will in this matter to help prevent the project from being lost, but in the final analysis our responsibility is towards the Greek consumer and taxpayer”, the Greek minister meaningfully emphasized in his statements to imerisia.gr
The background
I am not in a position to know what exactly is happening and the Cypriot side is putting constant obstacles in the project, which will ultimately be to their benefit.
However, what impresses me is the direct intervention of the Minister of Environment and Energy Mr. Skylakakis. A fact which means that Athens and Nicosia are in a bra de fer… which we are not used to, especially in projects of national importance.
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Cards
From the afternoon of April 10, when PPC announced that it had completed the acquisition of Kotsovolos, the “deck of cards” in the domestic retail market of electrical and electronic devices was reshuffled. Although this year has not started well since the “push” from the “Recycle – Change Device” program that subsidized the purchase of new air conditioners, freezers and refrigerators, with advanced technology and energy class, ended, April, which is developing in terms of heat like In addition to ice cream shops, June can also benefit the electrical industry and especially air conditioning.
Expectations
Expectations for sales of 350,000-400,000 air conditioners in 2024 are not out of the question. At the same time, three out of four white appliances owned by Greek households are due for replacement due to age, while construction and renovations are on top of them.
Advantage
Under these circumstances, the integration of Kotsovolos into the PPC group not only enables the leading energy provider to immediately and successfully build a long-term relationship with its customers at all levels, but also to be much ahead of the competition, following the path taken by utility companies in Western Europe.
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