Greek privatization fund TAIPED is reconsidering a privatization plan for its 65 percent share of gas company DEPA Commercial after having put the plan on hold as a result of the energy crisis and an ongoing legal battle between the gas company and fertilizer industry ELFE.
The de-escalation of the energy crisis and the renewed possibility of a further sale of Helleniq Energy shares – Helleniq Energy holds a 35 percent stake in DEPA Commercial – are two key developments that have prompted TAIPED to reexplore the DEPA Commercial privatization.
DEPA Commercial enables the Greek State to intervene effectively, facilitating measures to control gas prices and secure energy sufficiency.
According to sources, the privatization fund is in talks with Helleniq Energy to identify an optimal solution that would maximize value for DEPA Commercial shareholders. Also, it should be noted that Helleniq Energy has made clear its intention to divest from DEPA Commercial.
A bourse listing of a package of DEPA Commercial shares on the Athens stock exchange is seen as the most likely outcome. If so, the Greek State would retain its majority control over DEPA Commercial.
Another option being explored entails TAIPED acquiring Helleniq Energy’s stake in DEPA Commercial and then listing a percentage of the gas company’s shares on the Athens bourse.
The DEPA Commercial board is actively exploring strategies to diversify the gas company’s portfolio and expand its engagement in renewable energy initiatives. Additionally, DEPA Commercial is planning to extend its trading operations to encompass environmentally friendly gases, such as biomethane.