Manolis Panagiotakis

Public Power Corporation (PPC) chief Manolis Panagiotakis stepped down on Wednesday as chairman and chief executive officer of troubled state utility, tendering his resignation to new Energy Minister Costis Hatzidakis, saying that his decision aims to "make it easier for the government to implement its policy."

The Greek stock market recovered on Wednesday from a two-day sell-off that saw banks shed over 12 percent of their stock value, as the benchmark jumped back above the 860-point level, albeit on lower trading volume. The market appears quite volatile, in contrast to the months leading up to the May 26 European elections.

The Public Power Corporations' President and CEO, Manolis Panagiotakis, submitted his resignation today at a meeting with newly-appointed Environment and Energy Minister Kostis Hatzidakis.

At the request of the minister Panagiotakis has reportedly agreed to stay on in his post pending the appointment of a successor.

Greece's energy ministry said on Wednesday that the chief executive of state-controlled utility Public Power Corp (PPC) has resigned, days after a change of government in Athens.
Manolis Panagiotakis resigned a day after Greece's newly-appointed energy minister said the new conservative government will work on a plan to salvage PPC from "the verge of collapse".

The Public Power Corporation's (PPC) President and CEO Manolis Panagiotakis today told the embattled company's Annual Shareholders' Meeting today that the two options that lie ahead if the hugely indebted company is to stand on its feet are either to maintain the Greek state's position as majority stakeholder with a radical restructuring of the framework of operation and the state's role or to

Greece's Public Power Corporation (PPC) said on Wednesday that a 1.4 billion-euro coal-fired plant project is at risk without a capacity remuneration mechanism, following a jump in carbon emissions costs.

Concerns have grown at Public Power Corporation in the last couple of days over the serious possibility that the Energy Ministry will not table in Parliament the amendment regarding the approval of the payment of the utility subsidy from 2011 through funds from the primary budget surplus.

Public Power Corporation consumers will see a reduction in their bills of about 6 percent, thanks to the reduction of the value-added tax on power, PPC chief Manolis Panagiotakis said on Wednesday.

The Public Power Corporation (PPC) has announced 542mn euro in losses for 2018 in a report that also underlines the reduction of the company's debt and an increase in investments and in debt collection.

Public Power Corporation and alternative supplier Volterra have agreed to jointly develop and utilize wind farms with a total capacity of 69.7 megawatts.