PPC list of units for sale leaves out key assets

The sale of the lignite-powered plants of Public Power Corporation (PPC) is evolving into a tug-of-war between the government and potential investors, with the European Commission acting as referee. This battle is set to last until at least early this fall when the market test begins, with all sides showing their hand.

PPC, with the assistance of McKinsey, has submitted to the Energy Ministry the list of the units that will go on sale, and the ministry has forwarded it to the European Commission's Directorate General for Competition, where negotiations are under way to render the final list and have it approved by Brussels.

The list that went to the Commission represents the least negative scenario for PPC, as its excludes the strong assets of the plants at Aghios Dimitrios and Megalopoli, and the Ptolemaida unit that is under construction. What the list contains is the...