SOS for PPC
The financial state of the country’s biggest company, Public Power Corporation (PPC), is anything but inexplicable. It would suffice for one to follow the thread of decisions that were taken, starting in 2015 – decisions based on dogmatism that prevented PPC from raising revenues from the sale of assets and becoming more competitive – to explain today’s Gordian knot.
PPC’s 2018 financial results revealed that losses soared from 183.8 million euros in the first half and 299.5 million euros by end-September 2018 to 542 million euros by the end of the year. The other public utilities are not in much better shape, particularly public transport. The next government should already have an emergency plan lined up to tackle the problem.