Ernst & Young auditors this week referred to substantial “concern” over the fate of Greece’s dominant electricity utility, the state-run and ATHEX-listed Public Power Corp. (PPC), after Tuesday’s annual results showed hundreds of millions of euros in losses for 2018.
Ernst & Young auditors this week referred to substantial “concern” over the fate of Greece’s dominant electricity utility, the state-run and ATHEX-listed Public Power Corp. (PPC), after Tuesday’s annual results showed hundreds of millions of euros in losses for 2018.
The utility’s share on the Athens Stock Exchange (ATHEX) lost 16 percent on the day’s trading a day later.
“PPC is being led to its destruction, with the absolute responsibility of SYRIZA (the ruling party),” a ND spokeswoman said on Wednesday.
“Mr. (Alexis) Tsipras’ government inherited 90 million euros of profits (on an annual basis) and hands over 900 million in damages… As SYRIZA is collapsing, it’s leaving behind a time bomb at the biggest enterprise in the country,” Sofia Zacharaki said in Athens.
Along the same lines, the union representing most of PPC’s staff, GENOP-PPC, issued a statement blaming what it called “myopic and failed policies that produce catastrophic results for the biggest industry in the country.”
The union said PPC continues to guarantee power supply throughout the country as the “provider of last refuge”, while the costs the utility has assumed in developing renewable energy sources for the private sector have not been tallied.