PPC, DEPA, ELPE unlikely to avoid privatizations list

Though the precise details concerning the next round of Greek privatizations will not be known until the bailout package is finalized, it appears increasingly likely that PPC, the main power utility, DEPA, the Public Gas Corporation, and ELPE, Hellenic Petroleum, will be included on the list.

Not taking into account an annex, the bailout agreement’s draft, leaked yesterday, lists 19 privatizations, or the majority of those planned by TAIPED, the State Privatization Fund.

Putting an end to claims by numerous government officials that TAIPED’s list of privatizations are limited to nine cases, the draft anticipates privatization revenues of 5.8 billion euros between 2016 and 2018. This amount cannot be generated without additions to the limit of nine privatizations claimed by government officials.

Breaking down the 5.8 billion euros into annual amounts to be generated until 2018, the bailout plan expects 2.5 billion euros to be raised in 2016 – from the sale of 14 provincial airports, the Piraeus Port Authority, and other privatizations – a further 2.2 billion euros in 2017, and 1.1 billion euros in 2018.

The bailout draft notes that the board at TAIPED approved the Asset Development Plan (ADP), comprised of 19 privatizations, last month, as had been agreed to last December. The privatization fund did not make an announcement on this development, nor did it upload the new plan onto its website. A previous plan included 23 privatizations, including 17 percent of PPC, 65 percent of DEPA, and 35 percent of ELPE.

The fate of these energy-sector firms will be known soon, once the ADP’s details on the 19 privatizations, and the annex, are finalized.