Editorial: A bold and just solution for the PPC crisis

The crisis that the Public Power Corporation (PPC) faces is long-term and complex crisis and is the result of mismanagement and delayed interventions.

Since 2005 PPC faced misfortunes and had inadequate and deeply partisan management which lacked the knowledge and understanding of the problems of a large industrial company.

PPC is comprised of a nexus of electricity plants which requires above all coordination, price monitoring, and provisions for the future based on energy needs and technological developments such as those related to CO2 emissions and their cost for the environment and for PPC.

None of the above requirements was met over the last 15 years.

Corporate management was demonstrably inadequate and bears the greatest responsibility for the current situation and impasse.

The worst problems arose during Greece's economic crisis and especially under the previous government under which the company's revenue collection capability was undermined.

Today PPC is an international paradox. Globally there is no power company that produces and distributes electricity without being paid for that.

The current PPC crisis stems essentially from the revenue collection problem and that is the first thing which must be corrected so that it can collect money and address the liquidity problems that can lead it to bankruptcy.

The new management must draw up a credible restructuring plan which by all appearances will entail a high and relentless cost.

Clearly the cost of a cleanup cannot be passed on in its entirety to consumers.

It must be dispersed justly to all those who enjoy the benefits of the company.

That means that the cost must be shouldered by employees, private producers who work with the company,...