Greece's national power utility PPC plans to spin off its retail activities in September 2016. The group will create smaller retail companies and thus reduce its market share on the retail market, from around 90% currently to less than 50% by 2020, as part of its third international bailout agreed in 2015.
PPC will create retail companies for different types of customers; the first retail company would have approximately 400,000 customers (around 7% of the market). PPC could retain minority stakes in the newly created companies. Wholesale prices will be guaranteed temporarily. The process is expected to help PPC move to a deregulated market and to give the group more time to work on other activities that would offset potential losses from the electricity market opening.
In October 2015, Greece agreed to start the privatisation of 66% of power transmission grid operator ADMIE or to find alternative options to open up its electricity market and to divest a 17% stake in national power utility PPC (in 2016). Earlier in June 2016, PPC announced the upcoming sale of a 24% stake in ADMIE to open up the electricity market.
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