‘PPC tariff hikes needed to carry out investment plan’

The main power utility PPC needs to improve its profit performance in order to carry out an investment program this year of equal worth to last year’s, chief executive Manolis Panagiotakis stressed yesterday at a company event for the New Year, noting tariff increases currently represent the only available source for an increase in profitability.

“As a result of its scale and role played in the Greek economy and society, PPC is expected to also factor into its decisions and actions data and aspects that are unimaginable for other enterprises active in a competitive environment with a goal to achieve profits,” Panagiotakis remarked. “Subsequently, PPC has absorbed over one billion euros in costs without relaying even a small fraction of these to consumers. On the contrary, PPC has reduced tariffs through a 15 percent [punctuality] discount,” he continued.

Taking advice from a business and strategic plan prepared by consulting firm McKinsey, PPC also plans to utilize its enormous property portfolio for increased revenues through the establishment of a real estate company, the power utility’s boss informed during yesterday’s event.