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  • Public Power Corporation calling Greek investors for lignite plants

    The law on the PPC lignite plants sell-off prohibits, for a period of six years, the firing of PPC employees transferred to the investors’ companies.

    ΤοΒΗΜΑ Team

    The management of Greece’s Public Power Corporation (PPC) is hoping that Greek investors will participate in the tenders for the privatisation of its lignite plants.

    The privatisation is one of the top reforms that Athens must complete in order to close the fourth and last bailout evaluation, before August.

    “We are attempting to persuade Greek industrialists to enter the game,” said Manolis Panagiotakis, the President and CEO of PPC, at an energy conference yesterday.

    Panagiotakis said two or three large Greek industries have shown an interest already.

    “We shall present all the data and analyse the benefits of such an investment he said.

    Panagiotakis said that PPC will not in the future be in a position to offer its big industrial clients the discounts that they now enjoy.

    A key factor in the privatisation deal is the fate of PPC employees, who have been protesting the privatisation for fear of massive layoffs.

    Panagiotakis said that all 1,500 workers will be transferred to the companies owned by the investors.

    Between 40-50 administrative officials will be able to leave the company on favourable terms, or be transferred to other positions.

    The law on the PPC lignite plants sell-off prohibits, for a period of six years, the firing of PPC employees transferred to the investors’ companies.

    The employees will retain all their current labour rights for the six-year period. Hence, they will be entitled to severance pay if they are laid off.

    International