Greece has released its plans to restructure its national power utility Public Power Corp (PPC, or DEI).
The plan would be developed in three stages, with the sale of a 49% stake in Admie, Greece’s power transmission operator, currently wholly-owned by PPC. The investor in Admie would have a contractual obligation to raise its stake to at least 51% in 2014, while the Greek state would retain a minority holding; the additional privatisation should be completed by mid 2014. Then, PPC would be restructured; a new company would be created to group together some lignite- and coal- and gas-fired power plants and hydropower plants currently operated by PPC and would have access to PPC's lignite reserves and mines. This new structure would have about 30% of PPC's total production capacity and its creation would be completed in the first quarter of 2015. The final stage involves the sale of a 17% interest in PPC to a strategic investor by the first quarter of 2016 at the latest which will leave the state with a 34% holding.
The plan is part of the government's commitment to accelerate state assets sales, in an attempt to cut the country's debt.
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