ECONOMY

PPC looks to peer in Cyprus

Power utility Public Power Corporation (PPC) is examining ways to develop ties with its Cypriot peer, the Electricity Authority of Cyprus, in different fields including research and environmental issues. According to sources, executives from the two companies recently met at PPC’s offices in Athens where they agreed to look into jointly supplying Cyprus and Crete with natural gas. They also decided to assess how they can both address environmental issues stemming from electricity production plants and jointly develop renewable energy sources. PPC is readying itself for a deregulated energy market as private companies, from both Greece and abroad, enter into electricity production while also eyeing the retail market. In April, PPC signed a deal with German power company RWE to jointly build a coal-fired plant in Albania, as part of its plans to seek partnerships that will help it modernize operations and expand in Southeast Europe to offset a drop in domestic market share.