DG Energy approval of IPTO split expected imminently

The European Commission’s endorsement, just days ago, of an agreement between state-controlled PPC, the main power utility, and China’s SGCC (State Grid Corporation of China) for the latter’s acquisition of a 24 percent stake in the power grid operator IPTO, a PPC subsidiary, is expected to soon be followed up by certification from Brussels leading to the completion of the operator’st split from its parent company.

Directorate-General for Energy concerns over issues such as gas supply security, administrative rights for shareholders and investors, as well as other corporate charter amendments have already been taken care of, according to sources.

A legal amendment has been made determining the energy ministry as the Greek State representative controlling IPTO.

The certification to be issued is expected to include provisions for regular inspections and close supervision with regards to possible IPTO regulation revisions.