PPC boss points out 5 factors vital for sell-off of utility units

Main power utility PPC chief Manolis Panagiotakis has named five factors he considers being crucial in the utility’s bailout-required lignite units sell-off , a package comprised of lignite-fired power stations, related mines, and a construction permit for a new power station representing 40 percent of the utility’s overall lignite capacity.

The establishment of a long-term energy plan for Greece and the role of lignite; clarification as to whether the units placed for sale will be entitled to receive CAT payments from the permanent flexibility mechanism; settlement of licensing issues; settlement of pending Vevi mine matters; and finalization of the electricity market’s shape amid the target model, were the five factors named by the PPC boss.

He was speaking at a signing ceremenony for a financing agreement with the EIB concerning 18 renewable energy projects to be developed by PPC Renewables, a PPC subsidiary.

The European Commission recently launched a market test for the PPC units sell-off, a procedure intended to measure the level of investor interest and resolve queries.

According to Panagiotakis, the international tender for the sell-off, the procedure’s next step, can be announced on June 1, as planned, while stressing the procedure’s success will depend on the resolvement of the aforementioned factors.

As part of the ongoing market test, PPC intends to specify the number of employees essential to each unit up for sale. Panagiotakis however stressed that all the utility’s jobs will be protected.

A total of seven Chinese firms have been forwarded a questionnaire related to the market test. These firms have either already entered the Greek market or are interested in doing so. All local energy firms and industrial producers have also received the sale’s list of questions as part of the sell-off’s consultation process.