ECONOMY

Power utility boss departs after change of government

power-utility-boss-departs-after-change-of-government

Greece’s energy ministry said on Wednesday that the chief executive of state-controlled utility Public Power Corp (PPC) has resigned, days after a change of government in Athens.

Manolis Panagiotakis resigned a day after Greece’s newly-appointed energy minister said the new conservative government will work on a plan to salvage PPC from “the verge of collapse”.

Pangiotakis will remain in his post to handle “urgent matters” until his successor is appointed, the ministry said.

New Democracy won a landslide victory in Sunday’s general election, promising to unblock and boost investments in Greece.

PPC is saddled with more than 2.4 billion euros of arrears from bills left unpaid during the country’s debt crisis, which began in 2009. It has about a 70 percent share of the domestic retail market and has struggled to shore up its finances.

The 51-percent state-owned utility also has to sell power to alternative producers at below-cost prices to help open up the retail market under a post-bailout agreement between Greece and its international lenders. 

[Reuters]