The Ministry of Energy of Greece has agreed to sell coal mines and coal-fired power plants accounting for around 40% of the coal-fired power capacity of national power utility PPC, in an attempt to open up the electricity market. The sale is expected to be completed by June 2018.
Under the terms of the bailout agreement approved in August 2015, Greece agreed to reduce the share of 51% state-owned PPC on the retail market, from around 90% currently to less than 50% by 2019. In 2016, Greece launched power sales to smaller power producers to raise competition on the retail market, but international lenders questioned the effectiveness of that measure and required the sale of coal-fired power plants after PPC was accused of having abused its dominant position in the Greek coal market.
Greece has also agreed to sell a larger power capacity between December 2017 and 2019 and will relaunch the sale of a 66% stake in national gas transmission grid operator DESFA by the end of the year.
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