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Greece plans to spin off 30% of power utility PPC

Deals

Greece released plans to restructure state-controlled Public Power Corp SA (PPC), the country’s largest electricity producer, before a sale of a 17% stake, to meet conditions for international aid. Athens has been planning for years to transfer part of the 51% state-held company to rivals, aiming to spur competition in its ailing electricity industry. “This is a very important chapter in the liberalization of the energy market so that we increase its competitiveness and efficiency,” government spokesman Simos Kedikoglou said in comments broadcast live on state-run NET TV. The three-step plan will begin with the sale this year to a strategic investor of a stake of as much as 49% in ADMIE, Greece’s power transmission operator owned by PPC, according to Kedikoglou. The operator’s buyer would be obliged to expand its stake by mid-2014, with Greece retaining a 34% minority.

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