Gov’t has two weeks to pre­vent the full pri­va­ti­za­tion of ADMIE

Kathimerini English - - Focus - BY CHRYSSA LIAGGOU

The cru­cial ex­tra­or­di­nary gen­eral meet­ing of Pub­lic Power Cor­po­ra­tion (PPC) for the rat­i­fi­ca­tion of the com­plex plan for the sepa­ra­tion of grid op­er­a­tor ADMIE from the util­ity is set to be post­poned again to­day, as a num­ber of im­por­tant tech­ni­cal and le­gal pa­ram­e­ters have to be set­tled first be­fore the agree­ment reached with the banks last week can take shape.

The post­pone­ment, which has al­ready been de­cided on a po­lit­i­cal level, will likely push the gen­eral meet­ing’s new date back two weeks. This de­ci­sive pe­riod is set to de­ter­mine to a great ex­tent the fate of the con­tro­ver­sial plan for the coun­try’s net­work to re­main un­der the state’s con­trol, fol­low­ing a series of amend­ments of du­bi­ous le­gal­ity. This comes af­ter a let­ter writ­ten by the coun­try’s four sys­temic banks last week high­lighted the dis­as­trous con­se­quences such a de­ci­sion would have on PPC.

Be­sides the le­gal and tech­ni­cal mat­ters that must be cov­ered for the com­ple­tion of the agree­ment with the lenders, the gov­ern­ment will also have to of­fer guar­an­tees to all par­ties con­cerned within the next two weeks, in­clud­ing its euro­zone peers and the China State Grid to whom it has agreed to con­cede a 24 per­cent stake in ADMIE.

Cru­cially, Athens will have to con­vince its cred­i­tors that the plan can be com­pleted within the agreed – and tight – timetable to avoid trig­ger­ing the clause that pro­vides for the 100 per­cent pri­va­ti­za­tion of ADMIE within Jan­uary.

The first of­fi­cial re­sponse on the is­sue from Brus­sels is set to come on Thurs­day, dur­ing a visit to Athens by Euro­pean Com­mis­sioner for En­ergy Miguel Arias Canete, when he will meet with En­ergy Min­is­ter Gior­gos Stathakis.

Athens will have to con­vince its cred­i­tors that the plan can be com­pleted within the agreed timetable to avoid trig­ger­ing the clause that pro­vides for the 100 per­cent pri­va­ti­za­tion of ADMIE within Jan­uary.

Newspapers in English

Newspapers from Greece

© PressReader. All rights reserved.