NOME, supplier charges behind profit drop, PPC boss tells

A first-half profit drop experienced by the main power utility PPC may be attributed to two external factors, supplier charges imposed to cover the RES special account deficit, as well as the impact of NOME auctions, offering independent suppliers access to the utility’s low-cost lignite and hydrocarbon sources, PPC’s chief executive Manolis Panagiotakis has told analysts.

The utility’s boss declared that a delayed plan to hire a consultant for guidance in the effort to improve PPC’s poor electricity bills collection record will be carried out within the next few days.

Panagiotakis also noted that a PPC proposal entailing the establishment and sale of new business units, which would be carved out with existing customers on board, requires legislative amendments from the government.

As for the utility’s recovery of Public Service Compensation (YKO) retroactive returns, the PPC head voiced disapproval of an amount determined by RAE, the Regulatory Authority for Energy, reduced to 360 million euros, well under the 735 million euros demanded by the utility. Panagiotakis proposed dialogue, noting that, if needed, legal action would be taken.

PPC posted a first-half net profit drop of 74.8 percent, down to 14.4 million euros from 57.1 million euros in the equivalent period last year.