Average optimism appears to prevail in export circles. From April 2023 till March 2024 – for 12 months – Greek exports had a unfavorable signal. Month by month they misplaced floor. And the place for a number of years, even because the years of the financial disaster, exports have been the one enterprise dimension that had superb development, from April 2023 issues went mistaken! And the state of affairs turned the other way up!
And Could?
However plainly the state of affairs is altering once more. Final April was constructive. It was the primary month after a 12 months of unfavorable developments and it’s the first message. So that they inform me, from the market, that in addition they anticipate Could to be good. So it’ll have a constructive signal! That is their feeling, pending ELSTAT information after all.
And in 2024
However basically, the identical circles estimate that the 12 months will develop positively. It would shut with export development. Restricted after all, however there might be development! In fact, double-digit charges are a factor of the previous…
They’re many
Let me level out that now – because the years of the disaster and since then, the case of exports doesn’t concern a restricted variety of firms, as within the distant previous. Quite the opposite, the problem of export exercise is without doubt one of the most important priorities of each firm that begins to “stroll” within the inner market.
The feta, the oil and the fish
And let me inform you that a minimum of three merchandise within the meals class – fish, feta and olive oil – are in among the highest positions within the high ten of all exportable Greek merchandise. And this although olive oil, because of the recognized imbalances of the market in query, exhibits a lower of round 49% in its worth. And its exports are anticipated to stage off from October onwards, with new manufacturing.
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Black gap
Each OT and INSIDE STORIES had knowledgeable you concerning the massive drawback dealing with the electrical energy market and it issues the deficit of the particular account of Public Utilities.
It’s a “piggy financial institution” funded by customers in order that island residents have the identical electrical energy invoice costs as the remainder of the people who find themselves electrified by the interconnected electrical energy transmission system.
Electrical energy subsidies
We pay the HYCO fees by means of the electrical energy payments and these are collected by DEDDIE. By means of the particular YKO account, the extra prices required for the electrification of the islands, for which they don’t seem to be within the interconnected system and obtain electrical energy produced by the costly diesel items, are lined.
Through the power disaster with the costs being larger, the YKO account was even in surplus because the fees are calculated proportionally to the price of electrical energy we pay.
Actually, the federal government drew cash from this “piggy financial institution” that collects round 800 to 900 million euros yearly with a view to allocate it for subsidizing electrical energy payments. About 460 million euros have been allotted.
At mild”
Why am I writing all this to you? A number of days in the past, the annual monetary statements of DEDDIE for 2023 have been posted, the place there’s detailed the “give and take” of the particular YKO account.
This one is deficit. And on December 31, 2023, the “black” gap was at 280.7 million euros.
Electrical energy costs fell and subsequently, mixed with delayed funds by customers, the deficit appeared once more…
“Mine”
This deficit is a “landmine” for the market and electrical energy provide firms.
And this because the suppliers put the cost of YKO from their very own funds, though their job is to easily switch the fees of the customers to the DEDDIE account.
Nonetheless, the reverse occurs right here. The suppliers pay these ICOs after which the Administrator involves cowl what they’ve given.
However, as a result of the “fund is a minus…” the DEDDIE is late in giving the money owed to the suppliers.
The latter merely strive to not step on the landmine… and run away!
The protection
The deficit of the HYKO account is roofed in two methods: Both by will increase within the charges paid by customers or by expenditures of the state price range. In fact, a mixture of each will be achieved.
Though the Ministry of Surroundings and Vitality has introduced how this deficit might be lined, nevertheless, up to now nothing new…
Though how will the “black” gap be lined… By means of a state price range or by means of will increase to customers…
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Rates of interest and debtors
And from the electrical energy customers, who might even see the federal government improve the HYCO fees, let me take you to the debtors.
The information might be good for the subsequent time frame.
Studying the report of the Financial institution of Greece I famous the way it sees generalized and steady reductions in rates of interest for the subsequent time frame. There are two the explanation why he makes these estimates. The primary has to do with the continued de-escalation of rates of interest by the ECB (began in June) and the second has to do with the upgrading of banks’ creditworthiness. The latter can have the impact of decreasing the price of borrowing by banks from the markets and thus the profit will cross to loans to the interior market
Alpha Financial institution’s improve…
Thus, final Thursday we noticed Alpha Financial institution being upgraded by the score company Moody’s.
The financial institution managed by CEO Mr. Vassilis Psaltis returned after 14 years to the funding class with its debt turning into eligible for a wider set of traders, additional diversifying its monetary base.
As well as, the home maintains constructive prospects for a brand new improve sooner or later, echoing its estimates for additional enchancment within the financial institution’s fundamentals.
On the similar time, it’s a first-rate reward for the latest strategic settlement with the Italian group UniCredit, the advantages of which can start to unfold within the coming years.
…and the Piraeus dividend
And to remain in entrance of the banks.
Piraeus, beneath Christos Megalou, was additionally the primary financial institution that, by means of the overall assembly of its shareholders, took the choice to distribute a dividend.
Throughout the month, the opposite banks will take comparable selections.
Cumulatively, the shareholders of the banks will fill their coffers with 875 million euros!
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