The main power utility PPC’s bailout-required disinvestment of lignite units and mines could fall further behind schedule as a result of the power utility’s delay in presenting prospective bidders a Sales and Purchase Agreement (SPA) plan.

Last week, PPC promised it would imminently present a revised SPA plan based on observations made by potential buyers during the sale procedure’s initial stage.

However, the power utility has yet to deliver, suggesting the sale procedure has been set back by a new delay which, according to some pundits, could prompt PPC to request a further deadline extension for binding bids, currently set for December.

The government’s sale plan for state-controlled PPC’s lignite units is greatly dependent on  European Commission approval of CAT remuneration eligibility – through Greece’s prospective new mechanism – for the units up for sale, as was admitted by the power utility’s chief executive Manolis Panagiotakis in Greek parliament just days ago.

CAT remuneration qualification for the Meliti and Megalopoli power stations included in PPC’s sale package is expected to ensure considerable revenues for their new owners.

Greece’s new CAT plan was discussed in Brussels last week. The European Commission is believed to have demanded certain revisions, including maximum remuneration levels set for respective technologies and auction procedures, as well as details concerning the energy-intensive industrial sector.