Greece has been approached by three parties interested in buying a minority stake in state-run power grid operator ADMIE, Energy Minister Panos Skourletis said in a newspaper interview released on 11 June.
“The characteristics of the potential investors for the sale of a percentage of ADMIE are known … We’ve already been approached by three parties,” Skourletis was quoted as telling the weekly newspaper Ethnos.
“The experience and knowledge of the potential investors in this particular field will determine which one will be chosen, in combination of course with the offered price,” he added.
Under the terms of its third multi-billion euro bailout, Greece has promised to sell up to 24% of ADMIE, a grid of more than 11,000 kilometres of high-voltage power cables that is fully-owned by the public power utility PPC.
Earlier this week, PPC’s chairman and chief executive Manolis Panagiotakis told Reuters the launch of the tender would be approved by the company’s general assembly on June 30 and be published a few days later.
The Greek state controls 51% of the country’s electricity company Public Power Corporation S.A. (PPC), which enjoys the status of monopoly on the Greek electricity market.
Greece’s state electricity supplier should negotiate its tariffs and not impose them unilaterally, according to a European Commission decision that paves the way for a “new deal” on energy pricing in heavy industry.
The liberalisation of the Greek electricity market started in 2001, but the first results only became visible in the past few months, after Skourletis replaced leftist hardliner Panagiotis Lafazanis as energy minister.
Panos Skourletis, the new Greek energy minister, is tasked with a heavy reform agenda that could help revive the cash-strapped Greek economy and make the country return to growth. But the stakes are high.
In the gas sector too, reform is slowly being brought to Greece. A Greek company recently broke the gas import monopoly, although the amounts purchased remain modest.
The first gas deliveries by pipeline from a Greek private supplier are set to bring the Greek gas market closer to liberalisation and put pressure on Sofia and Athens to sign a longstanding “interconnection agreement” for gas imports.