Greece and creditors reach agreement on energy issues

Environment and Energy Minister Panos Skourletis, speaking to ANA-MPA after a meeting with representatives of the country's creditors which did not discuss privatization and fuel tax issues, said that an agreement on Independent Power Transmission Operator (IPTO or ADMIE) envisaged the transfer of majority stake (51 pct) from Public Power Corporation to the state (PPC will be compensated), while the remaining 49 pct will be offered to a strategic investor -who will be the manager of the grid and will be able to buy at least 20 pct of the shares- and to private investors. The state will control a majority of the board, appointing the chief executive. The process to sell at least 20 pct of ADMIE is expected to begin in June.
Skourletis said that Greek authorities will draft a new regulation covering the auction of lignite and hydro-electric power production by Public Power Corporation (PPC), based on data provided by the operator of the market (LAGIE) and a recommendation of the market regulator (RAE) which will determine the quantity of energy to be auctioned and the starting price of auctions. The first auctions are expected in the second half of 2016.