The main power utility PPC and General Electric are planning to establish a new venture that will take on board the entire technical team maintaining the Greek utility’s units, PPC’s chief executive Manolis Panagiotakis has just announced.

The PPC boss did not elaborate on the type of company being considered, or its make-up, but did specify that the new firm aims to employ the power utility’s technicians currently primarily focused on providing maintainance work at its wind turbines and generators.

This prospective subsidiary will assume responsibilities for providing maintenance services to all the power utility’s units in collaboration with General Electric, the PPC boss informed.

During his announcement of the plan, Panagiotakis also noted that PPC needs to hire fresh technical staff as its current team is experienced but ageing.

Bailout-related hiring restrictions imposed on Greek utilities will be lifted under the country’s new super privatization fund, the PPC chief executive anticipated. Hiring procedures for new staff will be achievable within three months of approval, he remarked.

Older technical staff members will remain with PPC’s new subsidiary for a period of between two to three years to train fresh staff, Panagiotakis asserted.

The chief executive also noted that PPC currently employs 10,600 persons and needs to renew employment contracts. According to Greek bailout terms, the power utility stands to lose 40 percent of its market presence.