PPC turning a profit on salary savings

The coal-fired power production units at Megalopoli and Meliti, which Public Power Corporation plans to sell, have become sustainable and started to turn a profit, according to the utility’s chairman and chief executive Manolis Panagiotakis.

Speaking to reporters on Wednesday, he said this followed interventions made toward reducing their staff and ensuring the supply of lignite at the Meliti plant at a fixed price, ensuring better revenues.

He also said the entry of 244 staff members into a voluntary redundancy program will ease concerns investors may have had over high salary costs, adding that the salaries saved are already taking the utility from loss-making to profit-making.