Former Enel CEO in Romania named PPC’s new boss

Giorgos Stassis, an experienced manager with a formidable multinational energy-sector background, has been named the power utility PPC’s new chief executive.

Stassis, who previously headed the Enel corporate group’s Romanian subsidiary, Romania’s biggest energy company, will succeed Manolis Panagiotakis, who resigned from PPC’s top position soon after the conservative New Democracy party’s election victory on July 7.

The newly named PPC head hails from the energy sector, is backed by a multinational-level career, possesses experience in energy-enterprise restructuring, is young, Greek and returning from abroad to help the government’s effort, energy ministry officials noted.

Greece’s EESYP privatization superfund, holding the Greek State’s 51 percent stake of PPC, named Stassis for the power utility’s top post in a proposal forwarded to PPC’s board.

Stassis served as CEO at Enel Romania SrL from 2016. Previously, Stassis headed Enel Green Power in southeast Europe and the Middle East, beginning in 2007.

Stassis, who possesses over 13 years of experience in the energy market, has also held a series of other significant posts in the sector.

Between 2001 and 2006, Stassis was employed at Tellas Telecommunications SA as a member of the company’s administrative team and Executive Director of Strategic Projects and Procurement.

He studied Civil Engineering at Kingston University in the UK and holds an MBA in Construction Management.

The Enel corporate group is a multinational energy company and a leading player in global electricity, natural gas and renewable energy markets. It maintains interests in over 30 countries worldwide and holds a portfolio with a production capacity of approximately 89 GW.


Privatization plan to offer 17% stake of PPC remains on hold

Greece’s long-term plan to privatize 17 percent of the main power utility PPC appears to have been placed on hold and is likely to develop into an issue that will need to be dealt with by the country’s next administration following the national elections, due later this year.

The power utility’s ongoing effort to complete a bailout-required disinvestment of lignite units needs to be completed before any talk on the sale of PPC’s 17 percent can commence, the TAIPED privatization fund’s director Aris Xenofos told the Athens Energy Forum yesterday in response to a question on the matter.

Certain pundits believe maintaining PPC’s 17 percent on the country’s privatizations list serves as a form of pressure keeping the government committed to the current sale of PPC lignite units, including the Megalopoli and Meliti power stations.

Other pundits contend it is just a matter of time before the sale of PPC’s 17 percent stake is taken a step closer to execution by being transferred to the recently formed super privatization fund, of which TAIPED is a subsidiary. A 34 percent stake of PPC belonging to the Greek State has already been transferred to the super privatization fund.

The government has remained adamant on holding on to a 51 percent stake of PPC for the Greek State as a means of offsetting any negative reactions concerning its acceptance of the power utility’s bailout-linked disinvestment of lignite units.

Given the unclear picture of PPC’s future standing, it would most probably prove difficult to attract investors if the power utility’s 17 percent were to be placed for sale right now.