Public Power Corporation

A business plan being drafted by the management of Public Power Corporation includes a sweeping divestment of its lignite-powered plants. The plan, which is expected to be ready by mid-November, is meant to be factored into the structural changes of the local electricity market and the post-bailout assessment of the Greek economy by creditors.

The way has opened for the departure of the first 150 Public Power Corporation employees who can retire up to December 31, also with the consent of their union.

The Greek stock market benchmark ended its four-session rising streak on Monday, as the major surge in the Public Power Corporation's stock price was not enough to avert the slide in the main index that was largely brought on by anticipated profit taking by traders.

New legislation to be tabled in October will free Greece's Public Power Corporation (PPC) from the obligations and restrictions that apply to state utilities so that the state-controlled electricity firm can operate as a listed company and expose itself to market competition, Energy Minister Kostis Hatzidakis told Kathimerini's Sunday edition. 

The plan to save the Public Power Corporation (PPC) was presented today by Energy Minister Kostis Hatzidakis who briefed the Parliamentary Committee on Production and Commerce on the government's efforts to clean up the company.

Public Power Corporation (PPC) customers will know on Friday whether the financially troubled utility will charge them more to make up for what its new chief executive has described as a "dramatic" cash shortfall.

The government is determined to change the heads of the state property manager, the Hellenic Corporation of Assets and Participations (HCAP), and its subsidiary, the Hellenic Republic Asset Development Fund (TAIPED), charged with attracting foreign investors in the privatization of some of those property assets, over their handling of the privatizations and the dismal financial situation at ele

Financially troubled power company Public Power Corporation (PPC) has identified 1,477,000 customers and former customers, both private individuals and companies, as "strategically delinquent payers," meaning they had the means to pay their electricity bills but chose not to, perhaps in the hope of being offered a favorable settlement by a company desperate for cash.

No one has any delusions about the state of Public Power Corporation. There is no easy way to overcome the troubles dogging Greece's biggest public utility, which is too big to be left to its fate.

The new chairman and CEO of Public Power Corporation has sounded a dramatic warning about the firm's cash shortfall, saying it is larger than expected and he has three weeks to decide on measures to reduce it.

These measures could include changes in pricing, Georgios Stassis told reporters following a shareholders' meeting that rubber-stamped his appointment by the new government.