The restructuring and privatization of Public Power Corporation S.A., the biggest electric power company in Greece which is controlled to an extent by the government, will be implemented in three stages. The whole process will be completed by the first trimester of 2016, according to the plan.
The plan, which was prepared by the competent deputy minister of the Ministry of Environment, Energy and Climate Change Makis Papageorgiou, provides the division of PPC in three parts:
1) Ownership unbundling of the Independent Transmission System Operator (ITSO) from its 100 percent parent company, PPC, with the introduction of an investor to a percentage up to 51 percent.
2) Division of the electricity company in two with the creation of a big and a small PPC. Power plants, staff and clientele equivalent to 30% of the current company. Power plants, staff and clientele equivalent to 30 percent of the current company will be transferred to the big PPC. The small PPC will be sold by tender and
3) The big PPC will be privatized with the Greek State to offering 17 percent of its shares by attracting a strategic investor.
The management group of the Union of Technicians PPC Greece held a meeting with Democratic Left leader Fotis Kouvelis on July 25.
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