Greece To Sell 30% of Power Utility PPC
Thursday, 01 January 1970
Greece will sell about a third of the production capacity of power utility PPC to a private competitor in two years, Reuters reported.
PPC will transfer to its privately-run spin-off about 1,400 megawatts (MW) of coal capacity and 500 MW each of water and gas-fired units, Reuters reported, quoting the country's energy ministry. The exact amounts will be set by the end of June.
PPC generates about two-thirds of Greece's electricity output and controls almost fully the retail market with annual sales of about 6.0 billion euro. It is also one of the world's biggest miners of lignite coal. The company has an installed capacity of 12,500 MW with about 100 power units.
The plan envisages that Greece sells 17% of PPC to other private investors by early 2016.