BUSINESS

PPC admits to money problems

CHRYSSA LIAGGOU

TAGS: Energy

The management of Public Power Corporation is seeking ways to improve the picture of its financial results. In a statement on Thursday it effectively confirmed Kathimerini’s report about the economic impasse the utility has come to and its anxiety to improve the terrible results observed in the first quarter which may signal very negative developments for the country’s biggest corporation.

“The first-quarter results are not definitive yet, as significant delays that affect them remain pending. The full picture will become apparent in the next few days and promptly debated by the governing board of the corporation; it will also be announced heeding the transparency policy PPC always follows,” read the statement published after trading ended at the Athens bourse, when PPC’s stock showed losses in excess of 17 percent.

The PPC management also acknowledges the company’s liquidity problem, but notes it is “managing [the issue] systematically and efficiently,” also citing the expected securitization of expired requirements that will be completed in August.

Despite admitting the problem, PPC claims there are no grounds for reports and assessments saying it is urgently seeking 300 million euros.

The PPC statement also confirms it is attempting to improve the Q1 results through the management of provisions for interest that the Independent Power Transmission Operator (ADMIE) has laid a claim to.

The energy minister is the main party responsible for the current state of PPC, having forced destructive measures and policies on the utility’s administration and ignored a valuable recommendation by the company’s chief executive officer Manolis Panagiotakis that could have reversed the negative course.

Now the ministry is only trying to reverse appearances, launching an attack on the opposition.

“The scaremongering over the future of PPC by New Democracy continues for a third consecutive year. Its aim is to damage the government ahead of the election and pave the way for the full privatization [of the corporation] that it is aiming to promote,” a ministry statement claimed.

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