Public Power Corporation
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 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.
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.
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.