An gas utility DEPA privatization plan proposed last year by consulting firm McKinsey but rejected by the utility’s previous administration for a more complicated and, ultimately, less achievable alternative is re-emerging as the likeliest option to be adopted. Certain adjustments and updates may be made to the plan.

The McKinsey plan now back in favor proposed the establishment a holding company to house three subsidiaries representing the utility’s commercial, network and international project interests.

This plan would involve offering stakes in the commercial and network subsidiaries to investors while the international projects division would remain in the holding company portfolio.

The McKinsey plan proposes the sale of a 66 percent stake of the commercial subsidiary and surrender of its management, the sale of a minority stake in the networks subsidiary, as well as the sale of a stake of a holding company through the bourse.

The country’s previous government favored a DEPA split plan separating the utility’s commercial and infrastructure interests into DEPA Trade and DEPA Infrastructure. This plan, which would have involved the sale of a majority stake in DEPA Trade and, later on, a minority stake in DEPA Infrastructure, was plagued by delays all the way to last month’s election that brought the main opposition New Democracy party into power.

Finalized decisions on the new DEPA privatization plan are expected this coming autumn, in agreement with the country’s lenders, as the sale is on the bailout-required list of privatizations.