A Greek proposal for the bailout-required sale of main power utility PPC units, received by Brussels officials last week, apparently contains just one proposal, not various combinations, as has been previously reported.
The PPC sale package proposed by Greek authorities is comprised of Meliti I (330 MW), in Florina northern Greece, a license for Meliti II (450 MW), a planned new unit, two Amynteo units (550 MW), as well as the mines feeding these units – Amynteo, despite the recent landslide that affected operations, Lakkia and Vedi.
No other alternatives have been delivered to Brussels, sources involved in the procedure told energypress. This means that PPC’s Megalopoli units, and Ptolemaida V, under construction, do not feature in the Greek sale package proposal.
The units included in the package represent 36 percent of PPC’s lignite-fired power stations and 42 percent of the utility’s lignite-related mining capacity.
The package proposed by Greek officials is the result of separate studies conducted by the consulting firms McKinsey and Lazard, commissioned by PPC and the country’s energy ministry, respectively.
Ir remains to be seen whether the lignite-only proposal made by Greece will be enough to attract investors. A market test is scheduled for October.
Unofficial talks have taken place with investors but their participation in the upcoming market test remains a murky prospect.
Three Chinese firms, including CMEC and Shenhua, the Czech Republic’s CEZ, and one German company have been approached. It remains unclear whether another firm based in Poland, a country that is heavily reliant on coal, will hold talks with PPC over a possible bid.
Italy’s Edison has rejected any involvement in the sale procedure unless hydropower units are also included in the package.
The Greek government remains confident that the current package will suffice to draw investors and insists hydropower units will not be offered under any circumstances.
Overall, investors have remained very reserved and are not disclosing any intentions.