BUSINESS

PPC to launch a subsidiary in Turkey

By Chryssa Liaggou

Public Power Corporation (PPC) has decided to launch a subsidiary in Turkey as it turns to cross-border energy trade in a bid to offset the loss of market share in Greece now that the local industry is entering the stage of full liberalization.

According to a PPC statement, its Turkish subsidiary is in the process of obtaining a license from the neighboring country’s regulator and its foundation forms part of the company’s general strategy to enter the new developing markets of Southeastern Europe. The subsidiary will trade in electrical energy, the statement added.

The Turkish electricity market has been showing a deficit due to soaring demand. Consumption has grown by 78 percent in the last decade to reach 235 billion kilowatt hours per annum, and is projected to climb to 450 billion KWh by 2023.

Recent Turkish press reports suggest that Ankara is in advanced talks with Romania and Bulgaria for the import of a total of 2,800 megawatts, and the Turkish Energy Ministry has already signed a memorandum of understanding that will allow for the creation of an alternative mechanism for the exchange of power between the three countries.

Online