The president and CEO of Public Power Corp., the state-run and dominant electricity provider in Greece, resigned on Wednesday, with the relevant minister requesting that the executive remain in his post until a replacement is announced and appointed.
The departure of Manolis Panagiotakis was widely rumored in the wake of a change of government in Greece this week. PPC has racked up hundreds of millions of euros in losses over the past two years, while energy sector liberalization affecting the utility, as mandated by European creditors and the Commission's competition directorate (DG-Comp), has proved a failure. The competition watchdog has demanded a reduction in PPC's dominant market share, with the first step being a sell-off of four lignite-fueled power units, with a relevant tender, however, declared null and void.
ATHEX-listed PPC posted a modest profit in 2015 when leftist SYRIZA assumed power.
Energy and Environment Minister Kostis Hatzidakis requested that Panagiotakis remain at the helm of Greece's biggest industrial concern to deal with possible emergencies, as the country is amid the peak summer tourism season.