October 4, 2017 / 12:45 PM / in 10 months

Greece's Public Power Corp, telecoms operator Forthnert, team up to explore synergies

ATHENS, Oct 4 (Reuters) - Public Power Corp. (PPC), Greece’s dominant energy utility, has teamed up with small telecoms operator Forthnet to explore synergies in their relevant sectors in Greece, PPC said on Wednesday.

The two companies will look to develop combined telecoms and power services, initially aiming at a small number of Greek households, PPC said in a statement.

Under Greece’s latest international bailout, PPC needs to reduce its market share in the retail market from about 87 percent now to below 50 percent by 2019 and sell up to 40 percent of its coal-fired capacity.

Struggling with soaring bad debt owed by austerity-hit Greeks in recent years and in view of the sharp market share losses, PPC is seeking ways to boost its renewable energy activities and expand its services. (Reporting by Angeliki Koutantou, editing by Jeremy Gaunt)

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