PPC denies debt to grid operator

Public Power Corporation SA has no overdue payments to Greece’s state-owned power grid operator, DESMIE, and has not asked for any deferral of payments, according to an e-mailed statement from the Athens-based company on Monday.

Greece’s biggest electricity producer said cost cutting measures, including wage cuts, and new tariffs, both already announced, are expected to “significantly improve” profitability and cash flows in 2012, according to the e-mail.

PPC said it was commenting in response to press reports. [Bloomberg]

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