HomeWorld RegionsEuropeGreece close to deal on Public Power Corp

Greece close to deal on Public Power Corp

Greece and the European Commission aim to complete an agreement this week to open up 40 per cent of the lignite fired capacity of Greek utility Public Power Corp (PPC) to competitors, said energy minister George Papaconstantinou.

Units of Public Power ” which had installed capacity of 12.9 GW in 2009 and an 84 per cent share of the national market ” will be sold, said a transcript of Papaconstantinou’s comments emailed by the ministry, according to Bloomberg.

The European Commission, the European Central Bank and the International Monetary Fund said on 20 October that Greece should speed up measures giving access to PPC‘s capacity before the company is sold to investors next year.

The sale could involve cutting the state’s stake in PPC and in state-controlled power transmission and distribution operators to create a smaller PPC with fewer units and assets, said Papaconstantinou.

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