Public Power Corporation

Moscow has proposed bringing Russian equipment for the modernization of the lignite units of Public Power Corporation, just as PPC is planning a strategic cooperation with China Machinery Engineering Corporation (CMEC) for the same project.

Prime Minister Alexis Tsipras proceeded on Friday with a long-awaited government reshuffle, moving out some ministers who have opposed bailout reforms and bringing some new blood into the administration.

The benchmark index of the Greek bourse declined for the fourth session in a row yesterday, in line with its international peers, where the general feeling was one of nervousness as to what the political landscape will look like after the US election on Tuesday. This also explains the very low trading volume at Athinon Avenue.

The first electricity auction in Greece that was conducted by the Operator of the Electricity Market (LAGIE) on Tuesday saw prices range from a low of 37.37 euros per megawatt/hour (the starting price) up to 33 cents above that.

Having already factored in the disbursement of the 2.8-billion-euro bailout tranche announced on Tuesday, the Greek bourse benchmark continued to sink with most stocks heading south, as trading volume slipped below 20 million euros.

It was more of the same for Greek stocks on Monday, with the benchmark slipping further away from the 600-point mark and trading volume remaining below 30 million euros. It has become pretty clear by now that it will take concrete fiscal or corporate developments for the situation on the Greek bourse to change.

French grid operator RTE, a unit of state-owned utility EDF, says it is considering a bid for Greek grid operator ADMIE and would be ready to play a role in consolidating Europe's power networks if European Union regulations allow this.

On October 25 Greece's Public Power Corporation (PPC) will conduct its first auction of electricity capacity to third parties, concerning a total hydroelectric and lignite power of 460 megawatts.

The measure is a part of the conditions agreed by Athens with Greece's creditors in exchange for an international bailout.

The benchmark on the Greek bourse on Wednesday edged up for a fourth straight day to reach levels unseen since the British referendum on its departure from the European Union on June 23. Yet a drop among small-caps meant that the majority of stocks in the market registered losses and trading volume returned to below 30 million euros, as traders remain in search of a new direction.

The Energy Ministry will indirectly force electricity consumers to foot the bill for the deficit of RES (renewable energy source) companies.

An amendment tabled in Parliament on Thursday to a bill on the Civil Aviation Authority provides for additional state revenues from power suppliers amounting to 45 million euros next year to go toward the coverage of the RES firms' deficit.