Genop, the power utility PPC’s main main workers’ union, has not rejected a government plan aiming for the sale of a 49 percent minority stake of distribution network operator DEDDIE/HEDNO, a power utility subsidiary, but is demanding further details, including the sale procedure’s terms, so that it can position itself on the matter.
The newly elected conservative New Democracy government has included the sale, to a strategic investor, of a minority stake of DEDDIE in a PPC rescue plan aiming to inject roughly 500 million euros into the power utility.
Genop has insisted PPC’s financial position is not worrisome, attributing, along with the state-controlled power corporation’s outgoing administration, the power utility’s poor results of late to external factors.
The union will face the dilemma of accepting a DEDDIE sale over the disinvestment of PPC hydropower units. The latter was seen as the most probable scenario up until the July 7 elections that brought the ND party into power.
Genop union representatives met with energy minister Costis Hatzidakis last week but were not given details on the PPC rescue and restructuring plan.
According to sources, the union will set two conditions before discussing further the PPC plan with the government. One condition will restrict the DEDDIE sale to a minority stake and demand the maintenance of a majority stake for PPC, not the Greek State. The second condition will call for the Greek government to reach a competition-related agreement with the European Commission that would keep PPC’s hydropower units out of the picture.