Greece: Italian TERNA eyes TSO Co ADMIE for acquisition of minority ownership

, SEE Energy News

After the shareholders of Greek Public Power Corporation (PPC) approved the sale of 24 % stake of its subsidiary, the national electricity transmission system operator ADMIE, several names started reemerging as main contenders for the purchase.

Italian Terna expressed interest during the previous unsuccessful tender for the sale of 66 % stake in ADMIE. The company was prepared to invest some 400 million euros in the purchase of stake in Greek transmission system operator, which is approximately the current price of the offered 24 % of the shares.

The other contender could be RTE, a subsidiary of French EDF, which previously expressed interest in the privatization of PPC. In 2014, the company planned to enter the Greek power utility as strategic investor, with the acquisition of 17 % stake in PPC which was part of the second bailout agreement for Greece. RTE is in better financial position than Italian Terna, but the European Commission competition regulations could get in its way.

Chinese State Grid of China Corporation (SGCC) also participated in previous tender and it was falsely assumed that the company could not participate again due to the condition that the stake should be sold to European strategic partner. However, SGCC holds a 25 % stake in Portuguese energy company REN acquired in 2012, which means that it can bid again for the stake in ADMIE.

The tender for the sale of 24 % stake in ADMIE was officially launched on 14 July. Non-binding expressions of interest are due by 26 July and must come from an European transmission operator or a joint venture with a transmission operator. According to the bailout agreement, Greece has to name preferred bidder by November and conclude the sale by early next year, transmits

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