Financial News: Greece examines three scenarios for privatization of PPC

The Greek government is examining three scenarios for the privatization of Public Power Corporation, along with measures to open up the electricity market and allowing access to third parties in lignite production in the country, Environment, Energy and Climate Change George Papaconstantinou said on Thursday.
Speaking to reporters, the Greek minister said the options examined by the government were selling PPC’s shares through the stock market -which may not be the best solution as the minister said- selling PPC’s subsidiaries and finding a strategic investor -an idea Papaconstantinou described as “interesting”. “The way to privatize PPC needs careful talk. We are not just looking for revenue, PPC has a crucial role, we want it to make investments and to be a strong pylon in the energy system,” Papaconstantinou told reporters, adding that PPC’s pension fund will not be a problem for its privatization, although a dialogue with workers will continue.
Commenting on a plan to allow third parties to participate in PPC’s lignite production, a measure imposed by the EU Commission and the memorandum, the Greek minister said the issue was affecting PPC’s privatization, although it was an independent issue. “I have not announced the sale of PPC’s units,” he said, adding that “in the overall negotiation selling is included along with a swaps procedure”.

Papaconstantinou said another possibility was to separate PPC from subsidiaries in transport and distribution of energy, in the framework of the enterprise’s restructuring. Commenting on renewable energy sources, he said the government’s goal was to install new units with a power of 300 MW from windpower and 400 MW from photovoltaic parks this year.

Meanwhile, the ministry on Thursday tabled to Parliament a draft legislation -approved by the cabinet- envisaging the opening up of electricity and natural gas markets in the country, promoting hydrocarbon research, the Burgas-Alexandroupolis, the Greece-Italy and the South Stream oil and natural gas pipeline projects.

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