Greek PPC profit unlikely to be hurt by strikes
ATHENS, March 7 (Reuters) - Greek electricity utility Public Power Corp's (PPC) (DEHr.AT) profit will not be hard hit by a week-long strike despite having to buy electricity from abroad to cover demand, analysts said on Friday.
About two-thirds of PPC's plants throughout the country have been shut, more than halving electricity output, as PPC unions joined other striking Greek workers protesting against government plans to overhaul the country's pension system.
"For now it won't really hurt PPC's profit as they are lucky the strike is happening at a time of the year when electricity demand is not high," said an Athens based analyst who declined to be named.
"Even though PPC will have to import electricity ... this would only substantially impact the bottom line if the strike drags on for months, rather than weeks."
PPC Chief Financial Officer George Angelopoulos was not immediately available for comment.
The Greek electricity transmission operator DESMIE has been covering part of the shortfall by importing electricity from neighbouring countries and will continue doing so for as long as it is needed, PPC said.
PPC's main union GENOP-DEH, whose members are on strike over a planned merger of its pension funds with Greece's main fund (IKA), says existing capacity is enough for the country's needs.
"There is enough power for immediate needs, we don't want citizens to suffer," said GENOP-DEH president Nikos Fotopoulos. "We'll have skeleton staff (at operating plants) during next week's strikes so we won't have major problems."
GENOP-DEH workers began consecutive 24-hour strikes late on Sunday, continuing a series of protests that have seen workers blockade company offices and disrupt board meetings. Strike action is set to end midnight on Wednesday. (Reporting by George Hatzidakis; Editing by David Holmes)
