china

Increased administrative rights, monitoring at IPTO

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Power grid operator IPTO’s new certification, jointly issued by the European Commission and RAE, the Regulatory Authority for Energy, to facilitate the operator’s split from main power utility PPC, the parent company, offers increased administrative rights too shareholdres but also enhances the terms for supply security.

IPTO and the stategic investor must fully adhere to Greek and EU law and abide by RAE and EU decisions on supply security. Any violations could terminate the operator’s certification and lead to penalties, the certification specifies.

In the case of IPTO, State Grid International Development (SGID), representing parent company SGCC (State Grid Corporation of China), which has acquired a 24 percent share of the operator, possesses extended rights to co-decide on strategic matters at IPTO such as strategic planning, the operator’s annual budget and investment plans.

The certificiation’s terms also provide for monitoring of activities to ensure adherence to EU law and supply security policies.

The future developments concerning activities pursued by SGID, SGCC, and, on a wider level, the Chinese government in Greece amd Europe need to be monitored to ensure that security supply conditions remain unchanged, the new IPTO certification points out.

China undisputed climate change, RES leader following US withdrawal

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The US withdrawal from the 2015 Paris climate agreement, announced yesterday by the recently elected President Donald Trump, leaves China as the world’s undisputed leader in the quest to reduce CO2 emissions and promote renewable energy production.

Trump’s decision comes at a time when the EU has set ambitious targets concerning RES development, CO2 emission reductions and energy efficiency, and China has poured the greatest amounts to achieve such objectives.

The world’s main greengouse gas polluters, namely the US, China and EU member states, carry greater responsibility on the global stage as their behavior sets the example for others.

The US withdrawal will impact the Paris climate agreement on a number of levels. The international pact, which, prior to yesterday, was missing just Syria and Nicaragua, has now been left without the support of the world’s biggest ever CO2 polluter, and second biggest at present. The US will not be subject to any restrictions concerning emission reductions until 2020, at least. This prospect, along with other similar-minded US initiatives taken by the Tump-led US administration, including its withdrawn support for climate change research, all combine to mean that the US will, from now on, be left to walk in isolation.

Certain pundits contend that, depsite yesterday’s US walkout, the global trend towards clean energy and emission reduction policies also makes economic sense and, as a result, will continue being supported in the US, regardless of Trump’s intentions.

The US President’s climate pact withdrawal is also expected to make major political impact on an international scale, providing further impetus for China’s development as the world leader. The amounts invested by this country to counter climate change are staggering.

China is seeking to establish a new model for economic and industrial growth, which the country will aim to export along with its technology. The Chinese model shares certain similarities when compared to its European equivalent but many aspects differ. The absence of the US in this department will allow China to move freeely and have a greater influence on global developments.

At the same time, Trump’s climate change isolation should enable the US to export fossil fuels at competitive prices, which, to a certain degree, will affect the RES sector’s level of competitiveness.

The main objective of the Paris climate agreement is to limit global warming to a maximum average of 2 degrees Celsius. The absence of the US from the pact for at least four years, or eight if Trump is re-elected for a second term, greatly reduces the probability of this target being achieved, given the scale of the US. This increases the threat of irreparable environmental damage in the future.

 

 

Meliti II inclusion on PPC sale list ‘would affect CMEC plan’

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The inclusion of the existing main power utility PPC Meliti I lignite-fired power station and the prospective Meliti II facility to the utility’s bailout-required list of unit sales would require any contract for the latter’s development to be offered through a tender, the corporation’s chief executive Manolis Panagiotakis clarified today during a general shareholders’ meeting.

If the Meliti units are not included on PPC’s bailout-related unit sale list then PPC should not have any issues actualizing its plan, the utility chief pointed out.

Just days ago, deputy development minister Stergios Pitsiorlas noted that collaborations such as a partnership envisaged by PPC with CMEC, the China Machinery Engineering Corporation, for the construction and operation of Meliti II would need to be established through tenders. This was widely viewed as a further government obstacle to PPC’s plans.

“Much will depend on the procedure determining the units to be included in PPC’s sale package,” the PPC chief noted during today’s general shareholders’ meeting. The list of PPC lignite-fired unit sales needs to be prepared by next month.

“Preparing this list is not a simple matter as power stations cannot be split into units, nor is it easy to break up the mines supplying these power stations,” Panagiotakis remarked.

Prior to Pitsiorlas’s remarks, energy minister Giorgos Stathakis announced that a new tender would need to be staged for part of the Vevi mine, whose output would be crucial for Meliti II.

“If the Vevi mine’s current tender runs into trouble then this is sure to create problems with the Chinese investors for the Meliti project,” the PPC head noted. “This would also affect supply for PPC’s existing Meliti I power station,” he added.

 

 

Bailout an obstacle for Chinese interest in PPC projects

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Greek energy ministry and main power utility PPC officials appear to be fully aware of concerns in Brussels over warming Greek-Chinese ties for various Greek energy-sector projects, as indicated by additional terms in the recently revised bailout agreement.

These European Commission concerns explain why PPC chief Manolis Panagiotakis remained reserved despite a firm interest expressed by Chinese investors for the Greek energy market during his visit to China earlier this week.

A clause added to the revised bailout, which notes that prospective buyers of PPC units, “based on available information, should neither create any apparent competition problems nor cause delay risks in the implementation of structural measures” could, in one sense, be interpreted as an attempt to obstruct the development of Meliti II and, in addition, block Chinese investors from buying exisiting PPC units and becoming involved in partnerships for the construction and operation of new ones.

PPC and CMEC (China Machinery Engineering Corporation) signed a Memorandum of Understanding (MOU) last September and have held extensive talks on joining efforts for the development of Meliti II, a prospective carbon-fired power station in the Meliti area, close to Florina in Greece’s north.

The Chinese State, which controls CMEC, is also behind SGCC (State Grid Corporation of China), whose agreement to acquire a 24 percent stake in the power grid operator IPTO, a PPC subsidiary, was endorsed by Brussels several days ago. Brussels appears concerned by the prospect of a concerntration of control for the Chinese State.

Pundits told energypress that the additional bailout term will obstruct PPC’s planned collaboration with Chinese companies, a prospect viewed with increased concern by EU member states such as Italy, France and Germany, which, despite their negative stance, have yet to display any clear interest in PPC’s prospective sale of utility units, a bailout requirement.

CMEC, still requiring certain details before making a final decision, appears keen to move ahead with the development of the Meliti II project, sources informed following the PPC chief’s visit to China. The issue may have cleared up within the next month. The future of the nearby Vevi mine, whose coal supply is crucial for existing Meliti I and prospective Meliti II, is a pivotal factor that will influence CMEC’s interest.

Energy minister Giorgos Stathakis recently announced that a new tender will need to be staged for part of the Vevi mine. If so, this could deflate CMEC’s interest in Meliti II.

In China, Panagiotakis, the PPC boss, presented his plans for the development of two more coal-fired power stations, not including Meliti II, in talks with Chinese investors, including the Shenhua and SPIC enterprises.

Shenhua appears interested in becoming involved in environmental upgrades of exisiting PPC power stations and development of new units.

 

 

PPC chief discusses new smart meter facility at CMEC meeting

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The main power utility PPC’s chief executive Manolis Panagiotakis, accompanying Greek Prime Minister Alexis on a trip to China for the country’s Belt and Road Forum for International Cooperation, a premier diplomatic event, has held a series of meetings with key Chinese energy-sector figures.

Panagiotakis’s meetings, according to a PPC statement, included a session with CMEC (China Machinery Engineering Corporation) president Zhang Chun as well as other highly-ranked officials of the Chinese company.

CMEC has been exploring the possibility of collaborating with PPC for the development and operation of Meliti II, a prospective carbon-fired power station in northern Greece. Other senior PPC officials joined the utility chief for the CMEC meeting, dominated by talks concerning the Meliti II project. The meeting was described as a constructive session.

The two sides also discussed the prospect of jointly developing a smart meter production facility in Greece, which would serve both the local and foreign markets. This facility would create as many as 400 jobs, according to the Greek power utility.

PPC and CMEC signed a Memorandum of Understanding (MOU) last September for the Meliti II project.

PM, PPC boss to discuss energy collaborations on China visit

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The Greek administration is viewing Prime Minister Alexis Tsipras’s current visit to China as a follow-up to Chinese investments in Greece by Cosco for the Piraeus Port Authority (OLP) and SGCC’s (State Grid Corporation of China) agreement with the state-controlled main power utility PPC for a 24 percent acquisition of subsidiary IPTO, the power grid operator, endorsed by the European Commission yesterday.

A barrage of Chinese investments, particularly in the energy sector, is expected following the recent conclusion of the Greek bailout’s second review.

The timing of the European Commission’s approval of the IPTO agreement with SGCC, announced while Tsipras was on his way to Beijing, provides further momentum to the prime minister’s China trip.

The Greek government would view favorably Chinese interest in the upcoming sale of PPC units and 17 percent privatization of the utility, both bailout requirements. Extensive talks have already been held with CMEC (China Machinery Engineering Corporation) for the development of Meliti II, a second carbon-fired power station planned by PPC in the Meliti area, close to Florina in the country’s north.

PPC chief executive Manolis Panagiotakis, accompanying the Greek prime minister on this trip to China, will seek to appease Chinese concerns generated by energy minister Giorgos Stathakis’s recent announcement of the need to stage a new tender for part of the Vevi mine, whose output is essential for Meliti II. Talk of including the Meliti II license in the bailout-required sale package of PPC units has also unsettled CMEC officials.

The PPC chief has proposed constructing two new lignite-fired power stations, not including Meliti II. This plan has not been embraced by the Greek energy ministry as it runs contrary to the bailout agreement concerning the energy sector.

On this visit to China, Panagiotakis, who is expected to meet with officials at CMEC, Shenhua Group, SPIC and the China Development Bank (CDB), will need to convince prospective investors that lignite-fired power stations will remain a key part of PPC’s future operations.

 

 

PPC chief travels to China today for meetings with key officials

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The main power utility PPC’s chief executive Manolis Panagiotakis will travel to China today for a series of important meetings with head officials at SGCC (State Grid Corporation of China), CMEC (China Machinery Engineering Corporation), the Shenhua group and CDB (China Development Bank), all linked to possible dealings with the Greek power utility.

Panagiotakis, who is believed to have angered European Commission officials as a result of his intention to develop two new carbon-fired power stations, not including Meliti II, as joint ventures, a prospect that runs contrary to terms in the Greek bailout, will update Chinese officials on Greece’s energy-sector developments and also present his future vision for PPC.

The PPC chief has noted that, on this trip, he will present the utility’s market prospects in the wake of the bailout measures, the utility’s lignite-fired electricity production prospects, as well as his insistence on free CO2 emission rights for PPC from the European Commission.

The government’s position on state-controlled PPC issues, given related bailout requirements, remains undecided, utility officials have noted. PPC officials believe the European Commission may agree to exempt the utility’s existing carbon-fired power station Meliti I, as well as the prospective Meliti II, from a bailout-required unit sale package the utility will need to soon prepare.

Prospective buyers will not express an interest in the Meliti II license without access to the nearby Vevi mine, PPC officials anticipate. Energy Minister Giorgos Stathakis recently announced a new tender will be held for rights to part of the Vevi mine.

The outcome of Panagiotakis’s talks with CMEC president Zhang Chun will be pivotal as the two officials have already extensively discussed collaborating on the Meliti II project.

PPC officials are counting on an older commitment from Prime Minister Alexis Tsipras, who described Meliti II’s development as a “vote of confidence for the Greek economy”.

Panagiotakis is accompanying Tsipras on this China visit, coinciding with a Beijing conference, the Belt and Road Forum. PPC officials hope the prime minister will underline that the Meliti II project remains alive. PPC officials have not ruled out developments during the Greek delegation’s stay in China.

 

PPC boss in China to present plans, check bailout reaction

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The main power utility PPC chief executive Manolis Panagiotakis has scheduled a series of meetings with key electricity market officials in China over the next few days to present project plans and, most crucially, see how Chinese investors feel about Greece’s bailout update, revised following last week’s conclusion of the second review. He will also seek to nurture ties with Chinese investors.

The PPC chief, who plans to meet with officials at CMEC – currently examining the prospect of developing Melitis II, a carbon-fired power station in Greece’s north – the Shenhua Group, SPIC, and the China Development Bank (CDB), will present plans for the construction of two additional carbon-fired power stations, not including Meliti II.

If Panagiotakis’s plan to develop additional power stations with Chinese support is to make any progress, several bailout-related developments will need to be overcome. The existing Meliti I and prospective Meliti II power stations must be exempted from a sale package of PPC carbon-fired power stations specified in the updated bailout agreement; energy minister Giorgos Stathakis needs to reverse an intention to stage a new tender for a mine at Vevi, whose supply is crucial for Meliti II; PPC will need to be granted permission to form partnerships with private-sector companies; and a Greek bid for free CO2 emmission rights at the European Commisison must succeed.

In an interview with Greek daily Kathimerini, the PPC boss stated he believes a certain degree of leeway in Brussels continues to exist, expressing confidence that Greece’s lenders, including the European Commission, will reexamine certain aspects of the latest bailout.

A meeting between Panagiotakis and CMEC president Zhang Chun will be important as the two officials have already extensively discussed the Meliti II project.

On his visit to China, the PPC chief will accompany Greek Prime Minister Alexis Tsipras at a Beijing conference, the Belt and Road Forum. PPC officials hope the prime minister will underline the Meliti II project remains alive.

Once back from China, Panagiotakis will travel to Brussels to present his PPC plans to the European Commission.

 

China’s CTG visit linked to likely PPC hydropower unit sales

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Officials representing Chinese energy giant China Three Gorges Corporation (CTG), a state-controlled enterprise behind the construction and operation of the world’s biggest hydropower project, the Three Gorges Dam project, were in Athens yesterday to explore investment opportunities, including the prospective sale of main power utility PPC hydropower units, sources noted.

It looks like Greece’s state-controlled PPC utility will eventually need to sell hydropower units, ongoing bailout negotiations between government officials and Greece’s lenders for the second review’s conclusion strongly indicate.

CTG officials were included in a visiting delegation of Chinese entrepreneurs who held a meeting in Athens yesterday with key Greek officials.

Members of the Chinese delegation held talks with deputy economy and development minister Stergios Pitsiorlas as well as officials representing Enterprise Greece, a state-sponsored investment support group, to discuss investment opportunities offered by the Greek market and establish ties with related ministries.

SGCC, the State Grid Corporation of China, which has agreed to acquire a 24 percent stake of power grid operator IPTO, a subsidiary of main power utility PPC, and  CMEC, which has signed an MOU with PPC for the development of a second power station at Meliti in northern Greece’s Florina area, were not represented by the visiting Chinese group.

CTG is responsible for the construction and operation of the world’s biggest hydropower project, the Three Gorges Dam project, possessing a 22,500 MW-capacity, almost double Greece’s total power-generating capacity.

Present in 40 countries, CTG is ranked the world’s biggest hydropower producer. The total capacity of Chinese power hydropower stations under its control measures over 46,300 MW. Adding CTG’s investments beyond China takes the firm’s installed capacity figure to 100 GW.

In 2014, CTG generated 201.2 TWh of electricity, approximately five times the energy produced and used in Greece, for revenues of 10.1 billion dollars and a profit of 3.3 billion dollars.

Late in 2011, CTG participated in the privatization process of Portugal’s power utility Energias de Portugal, acquiring a 21.35 percent stake for 2.69 billion euros.

 

China Shenhua Group interested in Amynteo upgrade project

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China Shenhua Group, one of China’s biggest coal and energy trading corporations, has expressed an interest to participate in the upgrade project of an ageing main power utility PPC lignite-fired power station in Amynteo, close to Florina, in northern Greece.

A team of China Shenhua Group officials visited the 600-MW capacity facility last week, following up on a preceding expression of interest in the upgrade project, according to an article published by Greek daily Kathimerini.

During the visit, the Chinese corporation’s officials also held preliminary talks with the Kopelouzos Group on the possible establishment of a partnership for the upgrade.

The lifespan of PPC’s ageing Amynteo station has been restricted to 17,000 hours by the European Commission as a result of its carbon emissions. PPC has requested an extension to 32,000 hours.

Last December, Ling Wen, President and Vice Chairman of the Board at the Shenhua Group, and a team of associates visited Athens for talks with all of the country’s major energy corporations.

China taking CO2, RES lead as Trump’s US prepares to back coal industry

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The Chinese government has decided to cancel plans concerning the construction of 104 new coal-fired power stations in 13 provinces, whose development would have provided an additional capacity of 120 GW. Placed within an international context, the decision is impressive. The total installed capacity of coal-fired units in the USA, preparing for a new administration led by the coal-friendly President-elect Donald Trump, amounts to 305 GW.

China’s objective, as announced by the government, is to spur renewable energy growth as a means of tackling the country’s pollution problem. Beijing intends to invest 365 billion dollars in RES development by 2020, which the Chinese government expects will create 13 million new jobs for the sector and provide an additional capacity of 130 GW through wind and solar farms. China has set itself the objective of generating 50 percent of the country’s electricity production through hydropower, RES and nuclear means, all free of CO2 emissions, within the next decade.

China’s decision to lessen its reliance on CO2-emitting electricity production possibly represents a pivotal point in the country’s energy and climate change history, while also being highly symbolic, as it comes just days ahead of the inauguration of Trump, who has repeatedly expressed strong support for fossil fuels, particularly coal. The Presiedent-elect has declared that he may choose to not honor the international climate change agreement reached in Paris just over a year ago. He also intends to nullify numerous RES-supporting initiatives taken by the outgoing President Barack Obama.

China’s interest in local energy sector, ubiquitous, a strategic choice

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The Chinese factor in Greek energy sector developments has gained ground over the past few days. Chinese interests are at play, both directly and indirectly, as part of the country’s strategic energy interest here.

Zhang Chun, president of CMEC (China Machinery Engineering Corporation), who headed a Chinese delegation to Athens, yesterday signed a strategic agreement with main power utilty PPC’s chief executive Manolis Panagiotakis.

Last Friday, SGCC, the State Grid Corporation of China, was one of two investors to submit a binding bid for a 24 percent stake of IPTO, the power grid operator. Italy’s Terna was the other bidder.

This trend of a growing Chinese presence in Greek energy matters appears likely to continue. Certain pundits believe that SGCC will not only be named the prefered bidder for IPTO’s 24 percent, but will also significantly shape the future development of the operator as well as its parent company PPC.

Interestingly, a closer look at the IPTO tender reveals that SGCC is also a part of the Terna bid. In November, 2014, SGCC acquired a 35 percent stake of Cassa Depositi e Prestiti Reti (CDP Reti), an Italian holding company, from Cassa depositi e prestiti Spa. CDP Reti holds a 29.85 percent stake in Terna. Yupeng He, is a member of CDP Reti’s board as an SGCC representative. Simply put, Terna’s rival bidder for IPTO’s 24 percent holds a stake in Terna.

SGCC is also linked to Greece’s long-running sale effort offering a 66 percent share of DESFA, the natural gas grid operator. Azerbaijani energy firm Socar, which appears set to finalize a deal for the DESFA sale with the Greek government, will need to cut at least 17 percent from a 66 percent DESFA stake it is entitled to, as the winning bidder of a 2013 tender, following intervention from the European Commission. Italy’s Snam is expected to take on Socar’s surrendered amount. It could exceed 30 percent. CDP Reti, in which SGCC holds a 35 percent share, owns 30 percent of Snam.

Fyrom, Kosovo also eyed by China-backed PPC after Albania

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Although still a preliminary concept, main power utility PPC’s intended regional expansion into the Balkans with the backing of Chinese capital, which could be provided by CMEC, the Greek utility’s new partner for possible construction of a power station in northern Greece, or another Chinese firm, represents a one-way road towards survival for the utility.

PPC plans to attempt entering the Albanian electricity market and, if successful, then also try and move into the electricity markets of the Former Yugoslav Republic of Macedonia (Fyrom) and Kosovo.

PPC’s leadership, along with the heads at Greece’s energy and economy ministries, have held a series of meetings with Albanian officials in recent months, generating enough interest for the Greek utility to decide, earlier this week, to establish a subsidiary in the neighboring country. Equivalent exploratory steps have yet to be taken in Fyrom and Kosovo.

“Collaborations with a foreign partner for penetration of Balkan markets constitute more than just a strategic choice if PPC wants to compensate for the planned [bailout-required] market share reductions in Greece’s production and retail sectors over the next few years,” a government official who had joined Prime Minister Alexis Tsipras on an official visit to China in July told energypress.

In this sense, CMEC as well as other Chinese companies, officials of which have held talks with PPC’s boss Manolis Panagiotakis, will play a crucial role in helping the Greek utility succeed in its Balkans expansion plan.

Previous efforts, beginning in 2003, failed to produce any results. PPC had begun by exploring the market prospects in Romania and followed up with other Balkan countries, all to no avail.

The failure of PPC’s previous Balkan quest has been attributed to politically motivated ties established by respective Balkan governments for collaboration with more powerful western partners, as well as misjudgements made by previous PPC administrations.

It remains to be seen whether PPC will be able to break the Balkan deadlock with a Chinese partner. PPC will definitely need to draw capital for international business activities if the corporation is to remain afloat in the next few years.

While commenting on yesterday’s signing of a Memorandum of Understanding with CMEC for joint development of Meliti II, a second coal-fired power station in Meliti, northern Greece, Panagiotakis, PPC’s chief executive, did not refrain from placing enormous importance on the utility’s successful entry into the Balkan region.

Actualization and success of PPC’s Meliti power station plan will be pivotal to any future Greek-Chinese collaboration beyond the Greek borders.

PPC, China’s CMEC sign MOU for new power station

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Main power utility PPC and China’s CMEC (China Machinery Engineering Corporation) signed a Memorandum of Understanding in Athens today for a joint plan to construct a second lignite-fired power station in Florina, northern Greece.

Besides leading officials representing the two companies, the signing ceremony was also attended by Greek energy minister Panos Skourletis and the Chinese ambassador to Greece Zou Xiaoli.

“The signing of the MOU comes as further proof that the Greek economy has overcome the worst and is now progressing from the stabilization to recovery stage,” Skourletis noted. “This partnership represents part of a new strategy for PPC, one of strategic partnerships with reliable partners able to provide new momentum against choices seeking the corporation’s contraction.”

The Chinese ambassador to Greece made reference to Prime Minister Alexis Tsipras’s recent official visit to China, noting it highlighted that cooperation between the two countries stands at a good level, while adding that the country possesses rich lignite, wind and solar energy capacity.

CMEC’s deputy chief Fang Yanshui noted that the level of cooperation between Greece and China rose to a new level following the Greek prime minister’s visit to China, while also taking the opportunity to offer a description of the corporation’s activities around the world.

PPC boss Manolis Panagiotakis expressed hope that Meliti II, the new power station to be developed with CMEC in the Florina area, represents just the beginning of a strategic partnership between the two sides.

Aktor, a Greek corporation whose portfolio includes mining, quarrying, construction, photovoltaics, facility and project management activities, and Italian power grid company Terna may also join the venture.

The plan for Meliti II entails development of a 450-MW power station at a cost of 750 million euros. Necessary work needed at the regional mines to feed the facility will raise the cost to one billion euros. PPC is believed to be open to the prospect of becoming a junior partner in this venture.

The PPC boss and CMEC’s deputy are scheduled to hold a meeting with the Greek prime minister tomorrow.

PPC and China’s CMEC to sign MOU for new power station

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Main power utility PPC and China’s CMEC (China Machinery Engineering Corporation) are set to sign a Memorandum of Understanding in Athens tomorrow, making official their joint plan to construct Meliti II, a second power station in Meliti, Florina, northern Greece.

The move will lead to the Greek utility’s second-biggest investment following Ptolemaida V, another lignite-fired power station, also in Greece’s north, whose development, pursued with other partners, is at a preliminary stage.

According to sources, the MOU will be signed at PPC’s headquarters by the Greek utility’s chief executive Manolis Panagiotakis and CMEC’s deputy chief Fang Yanshui. Greece’s energy minister Panos Skourletis is expected to attend the signing ceremony.

PPC and CMEC intend to form a consortium in which the Chinese company will hold a majority stake, as energypress has previously reported, based on information provided by sources.

According to these sources, PPC’s exisiting Meliti I power station will be included in the joint veture with CMEC, which will fully finance construction of Meliti II at a cost of 700 million euros.

Both power stations will be be fed lignite from the Meliti region’s mines, beginning with a deposit in Ahlada, located in the Florina region, followed by a mine in neighboring Vevi.

The exact extent of CMEC’s majority stake in the consortium for Meliti II will be determined by the evaluation of the Meliti I unit to be contributed to the venture.

Given the 700 million euros required to construct Meliti II, PPC’s stake may end up falling to a level of less than 40 percent. PPC could become a passive partner without a managerial role or veto rights. A company that owns the Ahlada lignite mine and is already supplying Meliti I is expected to join the venture as a third member. The Vevi mine may also be added to the consortium at a latter stage.

By taking this initiative, PPC intends to offer a solution to a European Court decision demanding the local lignite market’s liberalization. PPC also wants to take matters into its own hands for a bailout-linked measure requiring the corporation to reduce its market share to 49 percent by 2019, both in production and retail activity.

 

PPC boss, on China visit, seeking collaboration with CMEC

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Main power utility PPC’s chief executive Manolis Panagiotakis, who has joined Greek Prime Minister Alexis Tsipras on an official visit to China, has held a series of meetings with numerous Chinese company representatives in Beijing and Shanghai.

Panagiotakis has met with representatives of 17 major Chinese companies to discuss matters concerning electricity production, smart grids, possible collaborations, as well as environmental upgrades of units, according to a PPC announcement. The PPC boss also visited Chinese power stations.

Preceding talks had been held in Athens with officials representing a number of these Chinese firms. The latest meetings highlighted the high standards and knowhow possessed by Chinese enterprises, while also confirming their interest for cooperation.

Energypress sources informed that the PPC boss’s most prominent meeting was held with officials of CMEC, one of China’s biggest construction groups with a strong international presence in major electromechanical projects.

PPC officials are believed to be interested in working together with CMEC for the development of a new lignite-fired power station in Meliti, northern Greece, and on ventures in Albania.