PPC worries over likely loss of revenues

Concerns have grown at Public Power Corporation in the last couple of days over the serious possibility that the Energy Ministry will not table in Parliament the amendment regarding the approval of the payment of the utility subsidy from 2011 through funds from the primary budget surplus.

The ministry appears reluctant to table the regulation, which had been planned for quite some time by PPC and the Regulatory Authority for Energy. The regulation was seen bolstering the power giant’s problematic liquidity and ensuring its smooth operation for the next few months.

This has worried PPC’s management, which is known not to see eye to eye with the ministry’s leadership, and its head, Manolis Panagiotakis, is seeking alternative ways to secure the 250-300 million euros the regulation would have fetched the company.

PPC’s stock tumbled by over 8 percent on the bourse on Thursday.