PPC shareholders approve spin-off of lignite units

A Public Power Corporation (PPC) extraordinary general shareholders’ meeting on Tuesday approved a plan for the spin-off of lignite units in Megalopoli and Florina.

Addressing the meeting, PPC’s chairman and CEO Manolis Panagiotakis said that the next step in an international tender launched to sell their two units will be the opening of the data room, allowing candidates to have access to the two units’ financial and technical data. Binding offers are expected to be submitted in September and their evaluation to be completed by October 17, according to the timetable set.

Panagiotakis said it was a success that six candidates expressed interest in the first stage of the tender.

The shareholders’ meeting also approved a board plan to extend prices for industrial customers of high-voltage along with volume discounts offered. The representatives of Hellenic Republic Asset Development Fund and the Hellenic Company of Assets and Participations urged PPC to prepare a new pricing policy for high-voltage customers to be implemented after February 28, 2019, based on new data that is expected to prevail in the market after the sale of lignite units, the introduction of a target model, the ability to sign bilateral contracts between producers and end-users and the fact that PPC will no longer be the sole supplier for high-voltage customers.

Source ANA-MPA
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