Enel Romania CEO tipped to head Greece’s PPC-media

ATHENS, July 29 (Reuters) – Engineer Georgios Stassis, currently CEO of Enel Romania SrL, has been tipped to take over as chief executive officer at Greece’s troubled state-controlled utility Public Power Corp.,, Greece’s state news agency said on Monday.

Stassis has been nominated by the energy ministry to succeed PPC’s ex-boss Manolis Panagiotakis, who resigned days after a change of government in Athens earlier this month.

The Athens News Agency quoted associates of Energy Minister Kostis Hatzidakis as saying the nomination would be put to shareholders of the company at a future meeting.

Any new manager will be tasked to carry out the new conservative government’s plan to overhaul the loss-making Greek utility which is saddled with more than 2.4 billion euros in unpaid bills from consumers who skipped payments during the country’s debt crisis.

The plan includes the sale of shares in low-voltage distribution networks and a voluntary redundancy scheme.

Greece also wants to renegotiate an agreement with its international lenders on the market share that PPC needs to shed to help open up the sector.

Under a post-bailout agreement with its creditors, PPC has to reduce its share in the retail market to 50% by the end of the year from its present level of about 70%. (Writing by Michele Kambas, editing by Deepa Babington)

Article source: https://af.reuters.com/article/commoditiesNews/idAFL8N24K19X