PPC union Genop preparing for more action against IPTO sale

The power utility PPC’s main union group Genop is planning to take further action in order to prevent the utility’s bailout-required plan concerning the split and sale of subsidiary firm IPTO, the power grid operator.

According to sources, the union’s leaders yesterday began laying down a plan to intensify resistance against the IPTO sale plan. The union may attempt, for a second time, to disrupt proceedings at PPC’s general shareholders meeting this coming Monday, required following the abrupt interruption of a session held on June 30 meeting. The Genop union president, Giorgos Adamidis, had just completed his speech when a small group of unionists controversially disrupted the previous meeting.

Crucial bailout-related decisions for IPTO need to be made, including offering approval of the IPTO split-and-sale plan, endorsing the return of IPTO capital to PPC, and announcing a tender for the sale of as much as a 24 percent share of IPTO to a strategic investor. The Greek State controls PPC with a 51.1 percent stake.

According to the sale plan, the Greek State will take on a 51 percent of IPTO, while the leftover stake, following the strategic investor’s acquisition, will also be sold.

Genop officials met yesterday with IPTO workers at the operator’s headquarters in Rouf, just southwest of central Athens, and reiterated their deep concern over the government’s IPTO plan.

PPC’s chief executive Manolis Panagiotakis and IPTO’s chairman Emmanuel Koroniotakis were both the focus of the ire expressed during the session. The two officials are being criticized for helping implement the IPTO breakaway plan despite having played leading roles in the block of opposers in the past.