DEPA gas utility preparing move into electricity market

The board at DEPA, the Public Gas Corporation, plans to discuss revising its corporate charter at a meeting today, the move’s aim being to expand its business activities and incorporate electricity supply, energypress has been informed.

This initiative is intended to offset expected market share losses to be prompted by the country’s ongoing natural gas market reforms, providing leeway to other traders and limiting the gas corporation’s dominance.

At today’s meeting, DEPA’s board members could set a date for the next shareholders meeting, during which a schedule will be set for the gas distribution division’s split from the corporation and establishment of a new wholly owned subsidiary to handle natural gas distribution to new networks in urban centers such as Halkida, Lamia, Thebes and Livadia, whenever the required infrastructure in these regions is developed.

The new DEPA subsidiary will operate independently. The parent company will not have a say in its administrative matters, including the subsidiary’s choice of board.

DEPA had planned to stage a general shareholders meeting yesterday but it was postponed as a result of registration issues.