PPC CEO doesn’t rule out rate hikes

The head of Greece’s state-run Public Power Corp. (PPC), the dominant electricity provider in the country, on Monday did not rule out rate hikes.

PPC president and CEO Manolis Panagiotakis attempted to preclude expected criticism by claiming that rates were “cheap now, and will remain cheaper than when we assumed (PPC’s helm).”

Panagiotakis made the statements to a web TV program.

He added that ATHEX-listed PPC will again issue an international tender to sell-off four lignite-powered power units and a mature license for another unit. The previous tender was ruled null and void days ago by the utility, which said the two offers were below market value.

The EU’s competition directorate has demanded a reduction of PPC’s dominant position in Greece’s energy market and further liberalization, a prior action also cited in the third memorandum. Nevertheless, on Monday, Panagiotakis said the company actually wants the sell-off, in order to “turn towards green energy”.