Bloomberg News

Greece Will Conclude Public Power Deal This Week, Minister Says

October 31, 2011

Oct. 31 (Bloomberg) -- Greece and the European Commission will complete an agreement this week to open up 40 percent of Public Power Corp. SA’s lignite-fueled capacity to competitors, Energy Minister George Papaconstantinou said.

Units of Public Power, Greece’s biggest electricity provider, will be sold and there will be an exchange of power that “will enable us to meet European Commission requirements and our obligations to liberalize the energy market,” Papaconstantinou said in Athens today, according to a transcript of his comments e-mailed from the ministry.

The European Commission, the European Central Bank and the International Monetary Fund said on Oct. 20 that Greece should speed up measures giving access to Public Power’s capacity before the company is sold to investors next year.

Possible scenarios for the sale include reducing the state’s stake in the company and in state-controlled power transmission and distribution operators, and creating a “small” Public Power with fewer units and assets, Papaconstantinou said.

--Editors: Alan Purkiss, Chris Peterson

To contact the reporter on this story: Paul Tugwell in Athens at Ptugwell1@bloomberg.net

To contact the editor responsible for this story: Angela Cullen at acullen8@bloomberg.net


Too Cool for Crisis Management
LIMITED-TIME OFFER SUBSCRIBE NOW
 
blog comments powered by Disqus