ATHENS – Energy giant shift

The Public Power Corporation (PPC) – one of Greece’s biggest energy companies and one of the few real economic giants in a rather small economy – announced a new strategy based on investments in renewable energies with major foreign players, better economic results, a competitive commercial policy, as well as a new corporate identity.

With Prime Minister Kyriakos Mitsotakis and Energy Minister Kostis Hatzidakis speaking at PPC’s event, the once public monopoly is trying to prove it can face the fierce competition coming from smaller yet flexible and innovative private energy companies.

In particular, PPC focused on it’s new commercial policy, discussing matters such as discounts, e-transformation etc.

Speaking at the event, Prime Minister Kyriakos Mitsotakis said that PPC “has changed its entire focus in the last 14 months – it has changed from a slow-moving company with debts, losses, stuck mentalities, threat of non-viability, into a contemporary energy power.”

“We proved that in an open economy there are several paths to progress and that the corporate transformation of a public utility can occur under difficult circumstances […] and it can become absolutely competitive,” the prime minister noted.

PPC is scheduled to gradually cease its coal operations sell assets, while it will auction one of its biggest remaining assets: its network subsidiary.

It will remain a smaller electricity producer and a commercial giant in the Greek market, with no control on the major and minor electricity networks that made it a “natural monopoly”.

(Theodore Karaoulanis | EURACTIV.gr)

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