Public Power Corporation won’t be privatized further

Greece September 28, 2015 | Comments: 0Author: Branislava Jovičić

There are no plans for the state’s share in Public Power Corporation (PPC) to diminish, according to Panos Skourletis, minister for productive reconstruction, energy and environment, Greek Reporter portal said. He addressed the future of the government-controlled utility and the future of energy in Greece during an interview with RealFM 97.8 radio station.

The state currently owns 51%, and the remainer is controlled by private holders. Skourletis noted that PPC, or DEI in the Greek acronym, produces 80% of national power output, according to the Hellenic Republic Asset Development Fund (Taiped), which owns 17% of the 51% state share. The previous Syriza-Anel government had halted plans for PPC’s further privatization.

Greece’s Independent Power Transmission Operator (Admie) is also a matter of concern in the third memorandum with the creditors, the article said. Admie is owned by PPC. A privatization process of Admie had begun in 2013 and four final candidates had been shortlisted for a 66% stake takeover. However, the government had stopped negotiations following its ascent to power in January 2015. The new Greek bailout arrangement calls for the resumption of the privatization process.

A new energy utility company should be constructed, but it should also remain state-owned, Skourletis said. The minister had denied the possibility of Admie’s privatization back in July 2015.