Gas, electricity firms excluded from DEPA Infrastructure rights

An energy ministry draft bill for gas utility DEPA’s split into two separate entities, DEPA Trade and DEPA Infrastructure, ahead of its privatization, includes a term excluding companies active in production or supply of natural gas or electricity in the Greek market from acquiring a controlling stake of DEPA Infrastructure.

The DEPA draft bill is scheduled to be submitted to parliament this Thursday.

Investors will initially be offered a majority stake (50% plus one share) in DEPA Trade, while a 14 percent stake of DEPA Infrastructure will also be placed for sale at a latter date. The Greek State will maintain no less than 51 percent of DEPA Infrastructure.

The draft bill does not include details of a controversial plan by the energy ministry to orchestrate hirings of 200 subcontracted external associates working for gas utility DEPA through a procedure that would skip bailout-related employment restrictions imposed on public sector enterprises. The ministry’s intention, seen as a pre-election favor, has troubled various authorities as well as investors.