Though the newly appointed administration at struggling power utility PPC agrees on the previous leadership’s plan for market diversification into the retail natural gas market as a revenue-boosting measure through combined power-and-gas packages, it has decided to delay this effort’s launch, preferring instead to currently focus on passing a crucial report to be delivered by certified auditor Ernst & Young on September 24.
PPC’s previous administration had planned to launch its gas market campaign at the Thessaloniki International Fair, beginning tomorrow.
In view of the auditor’s report, PPC’s new board, led by chief executive Giorgos Stassis, has also decided to delay its preparations for an entry into the electric vehicles market.
Stassis and his associates intend to look at PPC’s forays into the gas and electric vehicle markets as part of a new business plan following the Ernst & Young report and the establishment of agreements with the country’s lenders and the European Commission on electricity market reforms.
PPC believes its prospective gas market revenues have the potential to offset part or all of the utility’s bailout-required market share contractions in the electricity market.
In a study for PPC, consulting firm McKinsey noted the power utility’s gas market activities could end up representing 70 percent of business.
As for the electric vehicles market, PPC signed a Memorandum of Cooperation with Polish company Solaris in 2017. An older PPC business plan also includes partnerships with regional authorities around the country.