PPC list of units for sale leaves out key as­sets

Kathimerini English - - Focus - CHRYSSA LIAGGOU

The sale of the lig­nite-pow­ered plants of Pub­lic Power Cor­po­ra­tion (PPC) is evolv­ing into a tug-of-war be­tween the gov­ern­ment and po­ten­tial in­vestors, with the Euro­pean Com­mis­sion act­ing as ref­eree. This bat­tle is set to last un­til at least early this fall when the mar­ket test be­gins, with all sides show­ing their hand.

PPC, with the as­sis­tance of McKin­sey, has sub­mit­ted to the En­ergy Min­istry the list of the units that will go on sale, and the min­istry has for­warded it to the Euro­pean Com­mis­sion’s Direc­torate Gen­eral for Com­pe­ti­tion, where ne­go­ti­a­tions are un­der way to ren­der the fi­nal list and have it ap­proved by Brus­sels.

The list that went to the Com­mis­sion rep­re­sents the least neg­a­tive sce­nario for PPC, as its ex­cludes the strong as­sets of the plants at Aghios Dim­itrios and Me­ga­lopoli, and the Ptole­maida unit that is un­der con­struc­tion. What the list con­tains is the two units at Meliti, near Flo­rina, and the two at Amyn­taio. The list also in­cludes the mine at Amyn­taio that re­cently col­lapsed, as well as those of Lakkia and Vevi.

The out­put shares of the plants and mines to go on sale cover the bailout com­mit­ment for the di­vest­ment of about 40 per­cent of PPC’s lig­nite ca­pac­ity: The units cover 36 per­cent of the lig­nite-pow­ered out­put and the mines cover 42 per­cent.

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