PPC head supports expansion in new markets, cooperation‏

Public Power Corporation’s chairman and chief executive Emmanouel Panagiotakis on Monday said he was in favor of plans to expand in new markets and forging business cooperation with other companies. Addressing a company event to celebrate the New Year, Panagiotakis said: “We must not hesitate, instead we must exploit fully business cooperation with other companies, private or state, domestic or foreign,” Panagiotakis said, adding: “We must constantly seek and exploit with planning and attention, boldly, new opportunities. In the electricity sector, monitoring new developments, such as electric cars, saving energy and in other sectors, such as natural gas. We must find and exploit growth opportunities outside our borders”.

He presented the four biggest challenges facing PPC: a prevailing economic situation, reduced lignite production (down 50 pct compared with 2009), losing market share (estimated loss around 4.0 pct) and finally an obligation to reduce PPC’s market by 25 pct in the next one or two years and by 50 pct by 2020.

Panagiotakis made special mention of the need to develop renewable energy sources and noted that investments surpassed 100 million euros and PPC’s debt fell by 75 million euros last year.