Public Power Corporation and Forthnet to Explore Cooperation

Greece’s dominant energy utility PPC, has teamed up with telecom operator Forthnet, to explore the possibility of cooperation 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 announced in a statement.

Under Greece’s third international bailout, PPC needs to reduce its market share in the retail market from about 87 percent to below 50% by 2019, and sell up to 40% 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.

Forthnet is a struggling telecom company, whose main revenues come from pay-TV Nova platform, which carries the Greek Superleague championship and the Euroleague basketball tournament exclusively for Greece.