CEO confirms PPC will cut expenses

CEO confirms PPC will cut expenses

Public Power Corporation chief executive Manolis Panagiotakis referred on Thursday to the prospect of a considerable reduction in the utility’s operating costs as well as extensive changes in its organization and function after the completion of its new business plan currently being drafted by consultant McKinsey & Company.

Speaking at an energy conference organized by the Hellenic Association of Energy Economics (HAEE), Panagiotakis said the Greek power giant is shifting its orientation in the direction of the modern European and global trend toward the use of renewable energy sources, and announced that installed PPC capacity from RES will be increased fifteenfold in the next 10 years. This will bring about “deep changes in the organization and operation of the corporation,” he said.

He went on to note that once the business plan is ready, PPC will significantly reduce its operating expenses, and expressed the belief that the company will be able to tap the markets again soon after the completion of negotiations with creditor banks for the refinancing of 1.3 billion euros in loans.

In the presence of General Secretary for Energy Michalis Verriopoulos, Panagiotakis further called on the government to choose a clear path for the transition from coal to RES.

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