Former prime minister Alexis Tsipras this week charged that the OPEKEPE farm subsidies scandal, which has attracted heightened judicial and media attention recently, is neither the only nor the largest financial crime “taking place in our country under the responsibility of the Mitsotakis government.”
In a post this week, Tsipras makes extensive references to a recent share capital increase by the Public Power Corp. (PPC), in which the Greek state participated with 1.3 billion euros, in order, as he charges, to finance investments in other countries with questionable benefits for Greek consumers.
“I recall that in the previous capital increase, the state had not participated at all, on the grounds that the loss of 650 million euros would constitute a major waste. As a result, it (state) lost its majority stake in PPC, so that the company can now operate with the sole criterion of increasing its profitability and its share price. Back then 650 million euros was considered a waste, today 1.3 billion euros is considered an investment in the future. We do not need more hospitals and schools, or public investments to address the housing crisis in our country,” he added, in a sarcastic tone.
He continued by saying that “…our priority is investments by Stassis and Mitsotakis in Romania and Hungary. An investment risk with no guarantee of returns for Greek consumers,” Tsipras posted, referring to PPC CEO Georgios Stassis and PM Kyriakos Mitsotakis, accusing the government of “working” to benefit the main private shareholder behind Public Power Corp.
He also referred to what he calls a “cynical” statement by PPC’s management towards the international investment community, namely, that “it is a good opportunity to invest their money in the company because wholesale electricity prices in Greece are high.”
According to Tsipras, this statement “fits into Mr. Mitsotakis’ political plan for a PPC, as he wants it to behave as a private energy provider in the country … The critical political and economic question,” he adds, is “whether the public benefit […] from this strategic decision of the government and PPC’s management will be proportional to the added value created for shareholders.”
Tsipras’ post in full reads: ‘The big trick’— criticism over PPC capital increase and public funds
“In recent days, our attention has focused on the case of OPEKEPE (the now disbanded Payment and Control Agency for Guidance and Guarantee Community Aid), which the European Prosecutor described for what it is: a crime of corruption, nepotism, influence peddling and abuse of power.
“But OPEKEPE is not the only, nor even the largest, economic crime taking place in our country, under the responsibility of the Mitsotakis government.
“It was announced the day before yesterday that the management of Public Power Corp. (PPC), in coordination with the Greek government, decided on a new colossal share capital increase (SCI), a large part of which will be used for investments in other countries. The state will contribute 1.3 billion euros, but will nevertheless will not maintain its shareholding (percentage) in the company at the same level.
“I recall that in the previous SCI, the state did not participate at all, on the grounds that losing 650 million euros would constitute a major waste. Thus, it lost its majority stake in PPC, allowing the company to now operate solely on the basis of increasing profitability and its share price.
“Back then 650 million was considered waste; today 1.3 billion is considered an investment in the future. We do not need more hospitals and schools, or public investments to address the housing crisis in our country. Our priority is Stassis-Mitsotakis investments in Romania and Hungary — an investment risk with no guarantee of returns for Greek consumers.
“We were also surprised to read the ‘cynical’ statement by PPC’s management towards the international investment community, that it is a good opportunity to invest their money in the company because wholesale electricity prices in Greece are high.
“But this statement fits into Mr. Mitsotakis’ political plan for a PPC that he wants to behave as a private energy provider in the country — that is, to generate profits without concern for the cost of electricity paid by households and businesses. But that is not the only problem.
Public benefit
It is not only the 1.3 billion euros that the Greek state is preparing to pay so that Mr. Mitsotakis’ “private PPC” can do business.
PPC, its subsidiaries, affiliated companies of the group, and the Hellenic Electricity Distribution Network Operator (HEDNO) have in recent years appeared among the largest corporate recipients of funding from the Recovery and Resilience Facility (RRF), with resources approaching two billion euros.
“Meanwhile, the profits for the Greek state from this generous support amounted to around 50 million euros in dividends for 2025 — roughly one-tenth of the latest round of extraordinary government subsidies to combat high prices, one of the main drivers of which, he claims, is PPC itself, which leads the coordinated practices of the energy cartel in the Greek market.
“The critical political and economic question, therefore, is whether the public benefit — the benefit for citizens, households, and businesses — from this strategic decision by the government and PPC’s management will be proportional to the added value created for shareholders.
“Who, in the end, will profit from the allocation of public resources totaling approximately 3.5 billion euros?
“The answer is clear and indisputable.
The winner will be the private shareholder
“The main private shareholder, CVC Capital Partners, for whom both the government and PPC’s management have proven in recent years that they ‘work’ for, will be the certain winner. It will seek high returns by leveraging massive capital drawn from the pockets of the Greek taxpayer.
“Meanwhile, the citizen — the family man, the entrepreneur — who expects lower bills, better infrastructure and energy security will face the same or higher bills, and the same or greater insecurity. You may not hear or read much about this simple truth, as PPC’s advertising influence in Greek media is enormous.
“You may read many praises about the greatness of PPC as it expands beyond Greece’s borders. But I fear they will not be enough to conceal the big scheme at the expense of the public interest — a scheme that will cost the Greek taxpayer and energy consumer as much as many OPEKEPE cases combined.”
