Poor PPC first-half results prompt parliamentary debate

The unfavorable news, announced earlier this week, of main power utility PPC’s negative first half results, including an operating loss of 148.5 million euros, will shift to Greek Parliament today for a debate instigated by the conservative main opposition New Democracy party, claiming the Syriza-Independent Greeks coalition’s policies concerning the state-contolled utility are driving it towards bankruptcy.

The utility’s losses, tightening finances, as well as the repercussions of a government market share contraction plan, demanded by the bailout, which the opposition party noted promises to halve PPC’s turnover without anything in exchange, were among the issues raised in a question put forward by 39 New Democracy MPs, including Konstantinos Skrekas (photo), the party’s head of energy, environment and climate change.

The opposition party MPs, in their parliamentary question, also demand information on the government’s rescue and development plan for PPC; the planned sale of a package containing 40 percent of the utility’s lignite capacity; and the anticipated value of investments expected from the private sector.

The ND team also enquires as to how PPC intends to cover staff salaries, service debt, pursue investment plans and settle outstanding payments to suppliers – who, in turn, are battling to cover their payrolls – if the utility’s turnover level drops by 50 percent in two years’ time.

The ND team also wants to know how PPC intends to improve its poor electricity bill collections record, keeping the utility’s unpaid receivables at an alarming level.