No risk of PPC sustainability, Energy Minister says
- Written by E.Tsiliopoulos
The compensation for the Public Power Corporation (PPC) after the Independent Power Transmission Operator (ADMIE) spin-off will be given in its total and as provided by the Greek state, Environment and Energy Minister Panos Skourletis said in a conference on Monday.
"By no means will we set at risk the sustainability of PPC," he stressed.
Skourletis said that the control of the networks was always a red line for the government. The new ADMIE will be initially 100 percent state-run, a 29 percent will be then sold through the stock market and a 20 percent will be sold to a strategic partner. Moreover, the majority of the board will be controlled by the state, the managing director will be a person of mutual acceptance and the management will remain to the State.
The PPC compensation will come from the sale of the 49 percent and a part (up to 10 pct) of new ADMIE's profit before taxes (EBITDA). The timetable for the project is also very tight as it should be completed in 2016, Skourletis underlined.
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