PPC sale of 17% stake, not as crucial now, deferred for no sooner than 2019

A privatization plan concerning a 17 percent stake of the main power utility PPC, or any alternative  action of equivalent worth, has been deferred for an unspecified future date no sooner than 2019, according to the revised bailout’s terms following a fourth review.

It has become apparent to all sides involved that PPC’s 17 percent privatization plan, once a crucial and troubling issue that managed to cause internal strife within the government’s ranks, would not  serve any substantial interests, as things currently stand.

This privatization plan has been maintained on the bailout list of pending issues purely for the sake of keeping the pressure on PPC to carry out its bailout-required disinvestment of lignite power stations and mines, representing 40 percent of the utility’s overall lignite capacity, a well-informed source has informed energypress.

The sale of PPC’s 17 percent would raise approximately 82 million euros, based on the corporation’s current equity value. This amount is seen as trivial and not beneficial for all sides involved.

A clearer picture, expected towards the end of this year, of the lignite units sale should help shape the details of this prospective privatization, if it is eventually needed.