Greece: Privatization of energy companies PPC, ELPE and DEPA

, SEE Energy News

Although the Ministry of Energy denied such claims, Public Power Corporation (PPC), Public Gas Corporation (DEPA) and Hellenic Petroleum (ELPE) will be placed on the privatization list. According to the list, published yesterday by the State Pri-vatization Fund (TAIPED), 17 % stake in PPC, 65 % stake in DEPA and 35 % stake in ELPE will be placed for sale in 2017 at earliest.

Out of these three companies, 17 % stake in PPC will be put for sale first, maybe even by the end of this year. However, such option is highly unlikely due to impending privatization of electricity trans-mission system operator ADMIE and its separation from PPC. According to sources, the international tender for the sale of 17 % stake in PPC may be published in 2017 or 2018, but only after the sale of 20 % stake in ADMIE to strategic investor and the listing of 29 % of the operator’s shares on the Athens Stock Exchange.

On the other hand, the privatization of DEPA and Hellenic Petroleum will be much more complicat-ed, since ELPE holds a 35 % stake in DEPA. Since these two privatizations will be interlinked, con-siderable time will be necessary for preliminary procedures before setting the companies up for sale.

According to the Ministry of Energy, the goal of these privatizations is to raise 6.2 billion euros by 2018, transmits