The Three Seas

PPC, a regional player, turning into an energy ambassador

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Power utility PPC’s strategic moves into southeast European markets are becoming a powerful tool of economic diplomacy for Greece and the country’s interests in the wider region as control of energy corridors and resources is equivalent to geopolitical power.

PPC’s chief executive Giorgos Stassis and his associates have been making more regular and intensified contact of late with government officials in the wider region and across the Atlantic.

Stassis’ meeting with Geoffrey Pyatt, the US’s Assistant Secretary of State for Energy Resources, in Washington just over a week ago, followed by a meeting earlier this week with Romanian Prime Minister Marcel Ciolacu, highlight the important diplomatic role now been played by PPC.

During their Washington meeting, Stassis and the US’s Assistant Secretary of State for Energy Resources discussed how PPC could play a more active role through east Europe’s major energy corridors and the US-backed Three Seas initiative, involving 13 Baltic Sea, Black Sea and Adriatic Sea countries and aiming to offer protection against the threat of Russia.

The US sees Greece’s initiatives in the wider region as moves that are aligned with America’s geostrategic interests, especially at a time when Russia’s war in Ukraine has turned arming eastern Europe against Russian influence into a priority.

US sees American interests in PPC’s southeast Europe plans

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Greek power utility PPC’s aspirations to establish itself as a key energy market player in the Balkans and southeast Europe is being embraced by US investors who, through such a development, see further potential for interests of their own, given the excellent standing of Greek-US bilateral ties.

Protecting the region’s energy sufficiency from the threat posed by Russia remains a top priority for the US, which also sees potential for American interests in PPC’s plans to penetrate markets in the Balkans and beyond with large quantities of renewable energy.

PPC’s chief executive Giorgos Stassis made note of the power utility’s plans for southeast Europe, and also referred to the wider Three Seas Initiative in an announcement made yesterday following a meeting with Geoffrey Pyatt, US Assistant Secretary of State for Energy Resources.

The Three Seas Initiative, presently covering 13 countries between the Baltic Sea, Black Sea and Adriatic Sea, aims to attract major investments from the EU and the US in the areas of road and rail transport, economy, energy infrastructure for transmission of renewable energy, fiber optic development and everything needed to launch 5G telecommunication networks.

Greece, Austria, Bulgaria, Croatia, the Czech Republic, Estonia, Hungary, Latvia, Lithuania, Poland, Romania, Slovakia and Slovenia are all included in the Three Seas Initiative, while Ukraine and Moldova were granted membership rights last September.

PPC chief to take part in Romanian Three Seas meeting

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Greece aims to bolster its geopolitical influence in the Balkans through energy, power utility PPC’s takeover of Italian group ENEL’s Romanian subsidiary ENEL Romania being a key part of this strategy.

In addition to PPC’s takeover of ENEL Romania, Helleniq Energy recently invested in Romania and had been preceded by Mytilineos – both in renewable energy projects.

PPC’s ENEL Romania takeover has prompted an announcement from Romanian president Klaus Iohannis, who named Greece as a new member of The Three Seas, a diplomatic initiative taken by Romania’s political leadership to bring together EU member states and candidates located between the Baltic, Adriatic and Black Seas for collaboration in the fields of energy, infrastructure and the digital economy.

Austria, Bulgaria, Croatia, the Czech Republic, Estonia, Hungary, Latvia, Lithuania, Moldova, Poland, Romania, Slovakia, Slovenia, and Ukraine are the other members of The Three Seas initiative.

Iohannis, Romania’s president, will host a two-day meeting in Bucharest on September 6 and 7 for talks on collaboration in these domains. Ministers and entrepreneurs representing the aforementioned countries, including PPC’s chief executive officer Giorgos Stassis, energypress sources have informed, will take part at the upcoming Bucharest meeting.

Romania has become a geopolitical focal point as a result of the country’s close proximity to war-entangled Ukraine. In addition, Bucharest has established a pivotal role as a result of its support of Ukraine in the war with Russia and Moldova’s EU membership quest. Romania has also facilitated the movement of grain across its borders.