PPC eligible for compensation from Admie’s split

The agreement for Independent Power Transmission Operator (Admie SA) clearly states the need for the Public Power Corporation SA (PPC) to be compensated, according to the environment and energy minister Panos Skourletis, who gave an interview to newspaper Agora, Greek Reporter said. “We have agreed for an independent appraiser to determine the exact amount of the compensation as well as how the payment will be handled,” he said and added new Admie’s public character is secured.

Skourletis earlier noted that as a result of the growing amount of money that PPS is owed, currently EUR 2 billion, the electricity provider is looking into the ways it can enforce payments.

Admie or IPTO will cease to be independent as the government and its creditors agreed that it should split from PPC and be converted into a company that will be a 100% subsidiary of the state, ahead of the privatization of a minority stake, Kathimerini said on December 11. The plan will provide for the state to hold on to a majority of 51% and a strategic investor to take 20%, while the remaining 29% will be floated on the domestic stock market. According to the ministry, PPC claims Admie’s up to one tenth of the future subsidiary’s annual core profit, too.

Skourletis insisted before the negotiations that transmission system operators should be under public control.