Power utility PPC’s payments over the past two years have totaled 1.341 billion euros, reducing amounts owed to banks, suppliers and the RES special account, executive Giorgos Stassis has informed parliament’s Standing Committee on Production and Trade.
The power utility’s current administration assumed control of the company in August, 2019 with a cash flow deficit of one billion euros and a further one billion euros in debt to third parties, the chief executive told the committee.
More specifically, PPC, over the past two years, has made payments totaling 435 million euros to suppliers, 636 million euros to reduce bank debt, and a further 270 million euros for the reduction of outstanding amounts owed to the RES special account, Stassis informed.
Responding to criticism from the main opposition party Syriza over excessive profit levels at PPC, the CEO underlined that the power utility must have an operating profit of at least one billion euros, a level enabling the company to possess cash amounts needed for the development of its investment plan, focused on renewable energy.
RES investments represent the only solution for Greece to reduce its dependency on fuel imports and strengthen its level of competitiveness, Stassis added.