Power grid operator IPTO’s new certification, jointly issued by the European Commission and RAE, the Regulatory Authority for Energy, to facilitate the operator’s split from main power utility PPC, the parent company, offers increased administrative rights too shareholdres but also enhances the terms for supply security.
IPTO and the stategic investor must fully adhere to Greek and EU law and abide by RAE and EU decisions on supply security. Any violations could terminate the operator’s certification and lead to penalties, the certification specifies.
In the case of IPTO, State Grid International Development (SGID), representing parent company SGCC (State Grid Corporation of China), which has acquired a 24 percent share of the operator, possesses extended rights to co-decide on strategic matters at IPTO such as strategic planning, the operator’s annual budget and investment plans.
The certificiation’s terms also provide for monitoring of activities to ensure adherence to EU law and supply security policies.
The future developments concerning activities pursued by SGID, SGCC, and, on a wider level, the Chinese government in Greece amd Europe need to be monitored to ensure that security supply conditions remain unchanged, the new IPTO certification points out.