The main power utility PPC’s plan to discuss the closure of its now-expired Amynteo lignite-fired power station ended up not being included on the agenda of a board meeting last Friday, as the company chief Manolis Panagiotakis had announced ahead of the session, the official reason, according to the company boss, being the need for an additional study on the matter.
However, other underlying reasons were at play, it can be safely presumed. Investors eyeing PPC’s bailout-required sale of the Meliti and Megalopoli power stations were one of the audiences targeted by the utility chief’s Amynteo-related announcement, as it is anticipated this plant’s closure will make Meliti and Megalopoli more competitive and generate better sale price prospects. This sale has been relaunched after an initial effort failed to excite investors.
Panagiotakis’ Amynteo announcement was also aimed at the European Commission as an indication of the power utility’s intention to conform amid reports of a launch of infringement procedures by Brussels against Greece for PPC’s overtime usage of the power plant. A 17,500-hour Amynteo lifeline extension offered by the European Commission expired early last winter but the unit is still operating.
Domestic political interests are another factor behind the board’s avoidance of a discussion on Amynteo’s future at last Friday’s PPC meeting. Given the fact that some 1,000 jobs could be lost if Amynteo is shut down, state-controlled PPC would rather delay any talk on the subject until after the upcoming local, regional and European elections.
PPC is not planning an immediate withdrawal of Amynteo. The power plant’s closure is expected in late 2020 or early 2021, when a 32,000-hour extension offered by the government through a ministerial decision last November – as a further extension to Brussels’ 17,500 hours – should expire.