Reeling from poor financial results for 2018 that have negatively impacted its share price, the main power utility PPC intends to take action on two fronts, pricing policy and payroll costs, as an antidote for its deteriorating performance.

PPC is looking to further expand the implementation of its voluntary exit plan as a means of replacing existing personnel with new staff on lower-cost remuneration packages.

The power utility also wants to make pricing policy adjustments given the sharply increased CO2 emission right costs it has so far opted to absorb rather than relay to consumers.

“PPC has exhausted all limits in order not to pass on increased costs to consumers,” the company’s chief executive Manolis Panagiotakis commented in response to the poor financial results for 2018, suggesting tariff hikes could be on the way.

The energy ministry, mindful of upcoming elections, has yet to approve any pricing policy revisions for state-controlled PPC.