Taxation details concerning a gas utility DEPA split plan ahead of its privatization are believed to be keeping energy ministry officials from reaching a final decision on the split’s formation, or whether the development will entail a full or partial split of utility networks for transfers of resulting stakes into a new DEPA subsidiary.
DEPA wholly owns gas distributor EDA Attiki and DEDA and also maintains a 51 percent stake in EDA Thessaloniki.
The split has been incorporated into a double-fronted privatization procedure of state-controlled DEPA’s infrastructure and commercial interests. The government is pursuing a course to maintain the Greek State’s control of DEPA infrastructure.
The shareholder make-up of the new subsidiary will be pivotal to the decision. It has yet to be decided if DEPA or its current shareholders, ELPE-Hellenic Petroleum (35%) and the Greek State (65%), will own this new subsidiary. The energy ministry is currently calculating which option could be preferable in terms of taxation.
Payroll matters concerning personnel transfers are also holding up the energy ministry. Employees at the gas utility’s EPA and EDA Attiki supply and distribution ventures have been on payrolls regulated by private-sector rules as a result of Shell’s 49 percent stake. Shell has agreed to sell this stake to DEPA.
The Competition Committee has rescheduled a meeting on the matter for tomorrow, three days sooner than originally planned.