Government, Institutions agree on grid operator΄s split from power company
- Written by E.Tsiliopoulos
A meeting between the relevant environment and energy minister and representatives of the Institutions representing Greece΄s creditors ended on Wednesday with an agreement on separating the country΄s power transmission grid operator ADMIE from the state-run Public Power Corp. (PPC), although disagreement remained on whether ADMIE΄s management should remain under state control, sources told the press.
The two sides reportedly agreed that ADMIE should be separated from the PPC through the creation of a new company, in which the Greek state has a 51-pct controlling share. The state will initially have 100 pct ownership, after which 49 pct will be sold to private investors based on a specific schedule.
The two sides also agreed on the form of compensation that PPC will receive for the split over time, as well as the various methods that will be involved, such as the transfer of a part of PPC΄s debt to the new company, the offsetting of some 400 million euros in PPC obligations to ADMIE and others.
Minister Panos Skourletis represented the government.
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