PPC

A Greek minister on Monday accused international lenders of reneging on a 2015 bailout deal by trying to force a fire-sale of its main electricity utility PPC to serve "domestic and foreign business interests."

The government has been forced by the country's creditors to return to a three-year-old plan for the sale of part of the production capacity of Public Power Corporation, although this time, the so-called "Small PPC" to be privatized is expected to constitute more than the 30 percent originally foreseen, and in many respects the terms will be tougher too.

The government is seeking a new line of defense against pressure from the country's creditors for a written commitment regarding the sale of 40 percent of Public Power Corporation's lignite and hydroelectric plants.

The European Union's competition authority is investigating Greece's power utility PPC over allegations the utility has violated antitrust rules, PPC said on Wednesday.

Two sources told Reuters on Wednesday that the EU competition watchdog on Tuesday raided PPC and the headquarters of the country's power grid operator ADMIE. PPC, which is 51 percent owned by the state, owns ADMIE.

The scenario of privatized spin-offs of Public Power Corporation, which have been dubbed "Small PPCs," is back on the table as the first power auctions for the reduction of the PPC market share proved ineffective, while Brussels is asking Greece to comply with the decision of the European Court of Justice for breaking PPC's monopoly in lignite use for power production.

Greece's four biggest lenders are concerned about the spin-off of the country's power grid operator ADMIE, a key condition of a bailout agreement between Athens and its official creditors, a banker and a government official said on Friday.

ADMIE is fully owned by Greece's state-controlled electricity utility Public Power Corporation (PPC).

China's State Grid Corporation (SGCC), the world's biggest utility, on Friday signed the purchase of a minority stake in Greece's power grid operator ADMIE, China's second big investment in the debt-laden country in a matter of months.

ADMIE was fully owned by Greece's state-owned power utility Public Power Corporation (PPC).

The debt settlements that power consumers have arranged with Public Power Corporation appear to have gone down the same road as those for debts to the state and the social security funds. Many people have signed up to the PPC payment programs, allowing them to settle debts in up to 36 installments, but a large number have proved unable to keep up with their obligations.

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.

Greek power utility PPC has received two binding bids for a 24 percent stake in power grid operator ADMIE, an Energy Ministry source told Reuters on Friday.

The short list was Italian power grid Terna jointly with infrastructure fund F2i, France's RTE International and China's State Grid International Development.

The deadline for the submission of bids was Friday afternoon.