ADMIE

Greece moved closer to cutting Crete's reliance on oil to generate power on Thursday as grid operator ADMIE signed a 178 million euro ($200 million) European Investment Bank loan to partly fund undersea cables to the mainland.

Traders continued to sell Greek stocks on Thursday as conflicting statements from officials on the local economy and an adverse international environment kept up the pressure on local stock prices. Even so, both the indexes and the prices managed to rise above the day's low by closing time.

Traders continued to sell Greek stocks on Thursday as conflicting statements from officials on the local economy and an adverse international environment kept up the pressure on local stock prices. Even so, both the indexes and the prices managed to rise above the day's low by closing time.

The government and troubled Public Power Corporation are working on a plan for the privatization of the distribution network.

That is the most important asset of PPC after the Independent Power Transmission Operator (ADMIE), as it has guaranteed and regulated revenues that will definitely attract investors and is expected to be sold quickly, unlike the coal-fired plants.

The common front between the Regulatory Authority for Energy (RAE) and the Independent Power Transmission Operator (ADMIE) against the Cypriot EuroAsia consortium appears to be cracking due to the project for the power interconnection of Crete with Attica.

Greek companies are de facto excluded from the project for the power interconnection of Crete and Attica, according to the technical standards required by the tenders for the high-voltage direct current (HDVC) converter stations and cables.

State grid operator ADMIE intends to concede up to 39 percent of its special purpose vehicle Ariadne, created to undertake the power interconnection between Crete and Attica. The stake will be sold to third-party investors, with priority to be granted to certified power transmission operators from fellow European Union states.

There were across-the-board gains at the Athens bourse on Wednesday, led by Public Power Corporation and banks, while trading volume appears to be growing by the day in a clear sign that something is changing in the market that a few years ago was relegated from developed to developing.

The bond issue clearly stole the limelight away from the local bourse on Tuesday, with investors focusing on the course of the 10-year note instead of buying Greek stocks, and sellers sending the benchmark back below 700 points.

The benchmark of the Greek stock market recorded a new four-month high on Thursday thanks primarily to the advance by bank stocks, which continued to rise as a solution concerning the protection of debtors' main residences appears to be near.