NEWS

Amendments to PPC sell-off bill set price and secure jobs

Environment and Energy Minister Yiannis Maniatis on Thursday submitted a series of amendments to a controversial bill for the part-privatization of the Public Power Corporation – setting a minimum price and guaranteeing workers’ jobs for five years – ahead of a vote on the draft legislation that is expected to take place in Parliament next Wednesday.

The minimum price of the PPC subsidiary, which would account for about 30 percent of the utility’s production, will be 1.5 billion euros, Maniatis told Parliament, noting that the calculation was based on PPC’s assets.

One of the amendments guarantees that PPC staff will keep their jobs for at least five years. Another provision commits the new company to fully compensating residents of settlements that must be relocated due to its activities.

Another amendment notes that the spinoff company – dubbed the “small PPC” – will assume the responsibilities the utility has held to date as regards employees’ social security rights.

What remains unclear is whether any action will be taken to plug a deficit worth several hundred million euros in the PPC workers’ pension fund.

The bill is being discussed at the committee level and is to go to the House on Tuesday for debate ahead of a vote on Wednesday.

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