ADMIE bid deadline extended to October 19

TAGS: Privatizations, Energy

Power utility PPC said it has extended a deadline for binding bids for a 24 percent stake in grid operator ADMIE to next Wednesday from this Wednesday.

France’s RTE International, State Grid International Development from China and Italy’s Terna have been shortlisted by PPC, which owns the network.

PPC said it pushed back the deadline to give prospective buyers more time.

Under Greece’s bailout agreement struck in 2015, PPC, which is 51 percent state-owned, must either sell a minority stake in ADMIE or fully privatize the grid by next year.

Under a timetable approved by Parliament, a preferred bidder for ADMIE has to be chosen by October 31 and the deal is expected to be concluded in the first three months of 2017.