Public Power Corporation

The money owed to Public Power Corporation (PPC) by Hellenic Post (ELTA) has now been estimated at more than 60 million euros - much more than previously thought.

Kathimerini's revelation that consultancy company McKinsey has deemed Public Power Corporation unsustainable while drafting its new business plan has generated concern not only at the power giant but also in the Energy Ministry.

Greece's Public Power Corporation (PPC) is not viable and will need to take specific steps to restore its position, the McKinsey consulting group warned in a report to the company detailing the state of the company's finances.

An Athens appeals council on Friday indicted businessman Evangelos Mytilineos and a former CEO of Public Power Corporation, Stergios Nezis, on bribery and money laundering charges respectively, in a case that dates from 2003.

Power consumers have involuntarily become lenders of Hellenic Post (ELTA) by choosing to pay their electricity bills through the mail company's branch network, as ELTA withholds payments instead of passing them on immediately to Public Power Corporation.

Public Power Corporation chief executive Manolis Panagiotakis referred on Thursday to the prospect of a considerable reduction in the utility's operating costs as well as extensive changes in its organization and function after the completion of its new business plan currently being drafted by consultant McKinsey & Company.

Greece's dominant power utility Public Power Corporation (PPC) postponed a board meeting on the sale of power stations scheduled for Thursday after workers occupied its headquarters to protest against the plan.

The president of GENOP, the union of employees of the Public Power Corporation (PPC) said on Thursday that workers would continue a sitin at the PPC's central offices, insisting on the revocation of a bill aimed at selling off lignite plants.

Commenting on the sitin which began on Wednesday, Yiannis Adamidis appeared optimistic that the workers' cause would prevail.

The government and the country's creditors are currently discussing the idea of granting investors access to Public Power Corporation's hydroelectric power-producing plants despite the fact that Energy Minister Giorgos Stathakis has been bragging that the good thing about the plan for the power giant to divest from lignite as a fuel was that it managed to prevent the sale of the hydropower asse

Workers at Greece's dominant power utility Public Power Corporation (PPC) took to the streets on Wednesday urging lawmakers to rescind the planned sale of power stations which they have branded a "national crime."

Hundreds of workers gathered outside parliament, as lawmakers debated legislation which paves the way for PPC to begin selling plants in May.