Gov't to seek strategic investor for PPC; subsidiaries up for sale

Finding a strategy investor or selling subsidiaries are the options promoted by the government in the privatisation of Public Power Corp. (PPC), while the possibility of selling more shares was losing ground because of the very negative climate prevailing at the Athens Stock Exchange, Environment, Energy and Climate Change Minister George Papaconstantinou said Thursday.
Addressing a PPC board meeting in Ptolemaida, northern Greece, the minister said the government and PPC will reach a decision on selling units and exchanging power, in offering access to third parties in the lignite-mining sector, a plan aimed to ensure that the country meets its obligations and at the same ensures the value of the state-run utility.
Papaconstantinou said talks with the European Commission over the issue of lignite production are "tough", but he added that a deal was expected to be reached in the next few weeks.
“It is clear that the government will not proceed in any move which will not reflect PPC’s real value, therefore a sale through the stock market is not in our intentions,” Papaconstantinou said, commenting on a government’s privatisation programme.
“There are options such as finding a strategic investor, or selling PPC’s subsidiaries. These decisions will not be taken immediately, but next year,” he added.
PPC’s board meeting discussed shortage of personnel in mines and power production units.

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