PPC to present significant profits in 2018, Panagiotakis says

Public Power Corporation (PPC) will present significant profits in 2018, its chairman and CEO Manolis Panagiotakis said on Friday. Speaking before a Parliamentary commission on production and trade, Panagiotakis said: “PPC, despite some liquidity problems experienced last year – which have been resolved- is a financially strong enterprise. In 2018 it will record significant profits”.

He rebuffed criticism made by New Democracy deputy Costas Skrekas that PPC was ill-prepared to meet new challenges. Panagiotakis said that PPC will show profits in 2018 despite extraordinary conditions faced during the year and a discount policy implemented by the management.

He attributed PPC’s huge burden of consumer arrears partly to the consequences of the crisis and partly to strategic defaulters. He noted that consumer arrears fell by 150 million euros in the first two months of 2018 but at the same time new debt by so-called “final consumers” grew by 200 million euros in the same period.

Panagiotakis said liquid fuel supplies were a very serious issue for PPC, as the burden from such supplies reached 650-700 million euros which PPC mainly was using for the energy supply of Greek islands. He noted that electronic tenders helped to safeguard transparency and better prices.