Industry insiders dispute Greek power firm's plan for job cuts, rate hikes

Public Power Corporation (PPC), Greece's main electricity supplier, is set to encounter strong opposition over its plan to slash jobs and raise electricity prices, industry insiders have said.

The PPC governing board has approved a business plan for the 2018-2022 period, which will cut jobs by about a third and hike electricity rates, to the dismay not only of its union, but also of market experts.

Last week, the business plan sought to pull the utility firm out of its condition in which its debts are eight to nine times as high as its operating profits.

According to the five-year plan, for PPC to revert to being sustainable in the long term, it will need to see a total of 5,860 workers depart using also a voluntary redundancy scheme, so as to become competitive again.

The utility firm will also need to raise its power rates so that it can obtain a necessary...