PPC list of units for sale leaves out key assets
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.