PPC rate hikes are likely after record losses, experts say

Public Power Corporation (PPC), Greece's main electricity utility, has recorded heavy losses last year and its own auditor warned about the firm's sustainability. Experts say painful decisions may be required, including rate hikes and asset sales.
PPC recorded after tax losses of 542 million euros (607 million U.S. dollars), according to the 2018 financial results released on Tuesday.

When the assets it has conceded or is about to concede, such as four of its coal-fired plants, are added to the group data, the losses climb to 903.7 million euros. These are the biggest losses the firm has recorded in its almost seven-decade-long history.

PPC's certified auditor, Ernst & Young (EY) even warns that the high losses and the reduced revenues generate concerns over the survival of the utility.

In the annual financial report of PPC, EY argues that "based on the...