Region, ICGB is introducing 2-tier management model

, SEE Energy News

ICGB, a joint venture company of Bulgarian Energy Holding (BEH) and IGI Poseidon, in which Greek Public Gas Corporation (DEPA) and Italian Edison hold equal stakes, in charge of the project for the construction of gas interconnection between Bulgaria and Greece, is introducing a two -tier management model, a key requirement for certification received from the two national energy regulators to take effect.

ICGB introduces a new management model in response to the requirements to transform the project company into an independent transmission operator. After a General Assembly of the company’s shareholders (BEH and IGI Poseidon), a new Statute of the company was also adopted. The changes are part of ICGB’s obligations under the company’s certification by the national energy regulators of Greece and Bulgaria, which was announced earlier in July.

At the General Assembly, a new Executive Officer from the Greek side was elected. Namely, Georgios Satlas replaced Konstantinos Karayannakos, who is also part of the management team at DEPA Trade. A key requirement for the Executive Officers is that for a period prior to taking up this position, they have not been part of a vertically integrated enterprise that is related to any of ICGB’s shareholders. Teodora Georgieva remains the representative from the Bulgarian side.