Public Power Corporation S.A.
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|Traded as||Athex: PPC|
|Emmanuel Panagiotakis (Chairman & CEO)|
|Services||Electrical power distribution|
|Revenue||€6.371 billion (2013)|
|€1.202 billion (2013)|
|Total assets||€12.151 billion (2013)|
|Total equity||€6.682 billion (2013)|
|Owner||Greek Government (51.12%)|
The Public Power Corporation S.A. (Greek: Δημόσια Επιχείρηση Ηλεκτρισμού (Dimosia Epicheirisi Ilektrismou); ΔΕΗ) is the biggest electric power company in Greece. It is controlled by the Greek government, which owns a majority of the issued shares.
PPC was founded by the Greek government in 1950. Its main purpose was to plan and apply a national energy policy which, through the exploitation of the domestic products and resources, would distribute cheap electric power to all Greek citizens. PPC started the integration of all the small local grids to the national interconnected grid. Furthermore, the corporation resolved the purchase of all the small private and local electric power production units.
In 2001, PPC carried out a share flotation on the Athens Stock Exchange and consequently is no longer wholly owned by the government, although it is still controlled by it with a 51.1% stake.
In June 2011, the Greek government announced it would sell 17% of its share of PPC to meet conditions of EU/ECB/IMF loan package. The workers of PPC responded by limited power cuts to selected towns across Greece. However, this plan is now is jeopardy as the incoming Tsipras Government has decided to suspend the privatization of PPC as one of its first anti-austerity measures.
The PPC has committed to buying renewable-source energy from independent producers at five times its selling rate until 2034.
Legislation before Parliament in 2013-14 included making the PPC responsible for collection of the real estate tax, part of the EU/IMF/ECB requirements for the financial support of the economy.
The 34 major thermal and hydroelectric power plants and the 3 wind farms of the interconnected power grid of the mainland, as well as the 60 autonomous power plants located on Crete, Rhodes and other Greek islands (33 thermal, 2 hydroelectric, 18 wind energy and 5 photovoltaic parks) form PPC's industrial assets and constitute the energy basis of all financial activities of the country.
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PPC has mining areas adjacent to many of its power plants. Some of these power plants produce electricity and power from lignite, while other plants use coal. The largest mining areas are located between Kozani and Ptolemaida, around Amyntaio in the Florina prefecture and around Megalopolis.
- Strike Forces Power Cuts in Greece
- el:Αιολικό πάρκο Κύθνου