The arrival of a strategic partner and privatization is the only realistic option available for struggling power utility PPC, as this would lessen the Greek State’s tight grip on the utility and enable decisions needed for the corporation’s restructuring and sustainability, chief executive Manolis Panagiotakis has suggested in a detailed rundown of company matters, regarded by some pundits as an overview of his tenure ahead of the upcoming snap elections.
PPC requires capital support worth 2.2 billion euros to reshape and achieve long-term sustainability, financial services company Standard & Poor’s has determined in an outlook backed by Panagiotakis.
During his overview, presented to company shareholders yesterday, the chief executive offered no hints as to who could provide this capital amount and under what conditions, but did specify that PPC’s hydropower units should not be sold.
Panagiotakis is well aware of the fact that ASEP (Supreme Council for Civil Personnel Selection) restrictions on state-run enterprises cannot be avoided at PPC as long as the Greek State holds a 51 percent stake, which is why a strategic partner for the power utility is seen as the only viable solution.
PPC’s first-quarter results, disappointing, were leaked recently and are expected to be officially announced today.