Company Profile: Public Power Corporation

The Power Brokers
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Company Profile: Public Power Corporation

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Reported by

OCCRP
August 24, 2007

http://www.dei.gr/echome.asp?lang=2

PPC is the Greek public power company and was founded in 1950. Compared to others in European Union countries, PPC was late to start privatizing. It became a corporation in 2001. It supplies the electricity for all households and production units in Greece.

Despite its name, PPC's activities extend beyond energy. It also does business in the telecommunications industry, having set up PPC Telecommunications in 2000 to provide telephone and Internet services.

In May, PPC formed a joint-venture with the U.S. energy company ContourGlobal. Each one has a 45 percent stake in the joint-venture, and the European Bank for Reconstruction and Development has 10 percent. Together, they are looking to gain generation capacity in the Balkans, and said in October that their first takeover target together would be Kosovo's lignite field.

PPC made €4.3 billion in revenues in 2005.