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Chairman of Greece’s Public Power Company (DEH) submits resignation

The economic situation and the fate of the Greece Public Power Company PPC (DEH) is top on the agenda of the new government. PPC Chairman and Managing Director, Manolis Panagiotakis, submitted hois resignation on Wednesday afternoon during the meeting with Energy and Environment Minister Kostis Hatzidakis.

During the meeting with the Minister, Panagiotakis reportedly briefed Hatsidakis about the state of the company and submitted his resignation “in order to facilitate the government to exercise its planned policies.”

According to media, top government priority is a plan that among others foresees:

  • the PPC gets rid of subscriber’s debts amounting 2 billion euros
  • employees close to retirement voluntarily resign [with a good compensation]
  • sale of lignite units
  • scrapping the 10% discount to customers paying their bill in time. This bonus was originally 15% of the electricity bill.

In June, media reported that the Public Power Company  was at risk of “sudden death” due to urgent need of liquidity.

Panagiotakis will remain in his post until a successor is found.

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