International tender procedures for the sale of a 66 percent equity share in IPTO, Greece’s Independent Power Transmission Operator – locally referred to as ADMIE – are progressing at a rapid pace, and it appears likely that the seller, PPC, the Public Power Corporation, IPTO’s parent company, will be in a position to assess binding offers by bidders within November, or by December, the latest.
At this stage, it appears that more than one offer will be submitted, from four candidates in the hunt, but one withdrawal also seems highly probable. Latest developments indicate that Canadian fund PSP Investments has failed to find a technical partner for the venture. Based on the tender’s prerequisites, PSP will subsequently need to either drop out or acquire a 66 stake in IPTO and hand over the operator’s management to the Greek state for five years, despite the majority stake. The fund does not seem to be keen on such an idea, meaning it will, most likely, not submit an offer.
On the contrary, the other three contenders seem to be maintaining a strong interest in the IPTO sale, and, at present, are assessing latest data concerning the operator’s maximum Allowed Revenue, set recently by RAE, the Regulatory Authority for Energy. This information provides a clearer picture for IPTO’s prospective revenues in the years to follow, which will assist potential buyers determine the levels of their respective offers.
Besides PSP, the Canadian fund, the tender’s other three candidates are China’s SGCC, as well as two European transmission system operators, Belgian company Elia and Italy’s Terna.