PPC business plan will halve staff


Employees and consumers will pay the price of government policies in the electricity market and the Public Power Corporation business plan.

The infamous business plan for the 2018-2022 period that PPC management carefully hid even from governing board members provides for a staff reduction of 6,000 people, which amounts to 50 percent of current employee numbers. It also provides for the adjustment of existing rates so as to increase the utility’s operating profits by 90-100 million euros per annum within five years.

PPC avoided commenting on the above data published by Kefalaio newspaper, while Energy Minister Giorgos Stathakis also distanced himself: “The role of the ministry is not to judge specific corporate choices but to formulate the institutional framework,” said the minister when asked about the business plan the PPC board approved last week.

The plan, delivered to PPC by McKinsey, was approved without being revealed to the power giant’s board members in its entirety, with the opposition asking for its submission in Parliament.

On the issue of electricity rates, Stathakis cited the recent decision to reduce the supplier charge, which he said will benefit PPC to the tune of 300 million euros.