The new Greek government has announced that it would freeze the privatisation plan agreed under Greece's bailout deal, including plans to privatise the national power utility Public Power Corp (PPC), oil refinery Hellenic Petroleum, national gas company DEPA (65% stake to be privatised) and power transmission grid ADMIE. In July 2014, the previous government had passed a reform bill paving the way for the privatisation of a 30% stake in PPC in 2015, spurring massive demonstrations and strikes in the company and leading to brief power outages. The State currently owns 51% of PPC. The privatisation was part of the country's efforts to liberalise its energy market, as required by the European Union and the IMF to disburse the next tranche of a €240bn bailout programme. PPC is the main power generation company (about 2/3 of total electricity generation) and supplies nearly 100% of the retail market. It is also a major lignite mining company.
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