Financial News: Official: Gov't to reduce equity participation in PPC, final decisions pending

The Public Power Corporation (PPC) on Thursday said a strike mobilisation by its work force caused damaged of between 30 to 40 million euros.
Meanwhile, the GENOP-PPC’s workers’ union said they would resort to domestic courts against the Greek state to claim 600 million euros in a social insurance debt owed the workers’ pension fund in the period 2009-2011, as well as another 300 million euros annually for the coming years.
In an unrelated development, Arthuros Zervos, PPC’s chairman and chief executive, addressing a general shareholders’ meeting on Thursday, said PPC will be a fully vertical enterprises after separating its transport and distribution networks to subsidiary companies this year.
Zervos said the cost of the strikes totaled 30-40 million euros and predicted more difficult days ahead, while he urged the power market’s watchdog to help in lifting all hurdles and to create the necessary framework to promote healthy competition with on terms for all.
Nikos Fotopoulos, GENOP’s president, urged the government to present a clear position on the future of PPC, saying workers’ pension fund would find it difficult to pay pensions for October if the state did not pay its share in social insurance contributions.
Finally, K. Mathioudakis, the secretary-general of the environment, energy and climate change ministry, said that energy policy was revised to adjust to new conditions prevailing in the country.
“A commitment to hold 51 pct of PPC no longer exists, not because we have changed our minds,” Mathioudakis said, adding that the government has reached a decision to cut its equity participation in Public Power Corp., but no final decisions have been reached on the issue, yet”.

Court declares PPC workers' strike illegal

An Athens first instance court on Thursday declared this week's strike actions by the GENOP-PPC labour union illegal. The motion was brought against the union by PPC's management. 
According to a union representative, the ruling prohibits the repetition in the future of a strike with the same demands, a fact he terms as "unprecedented." The union representative indicated that an appeal will be filed.

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