BUSINESS

Greece expects ‘good news’ on grid operator sale by next week, says minister

TAGS: Privatizations

Greece expects to have “very good news” to announce by next week on the process of selling its power grid operator ADMIE, a unit of its PPC electricity company, Energy Minister Panos Skourletis said on Tuesday.

“We are at the stage where bids are being assessed. I think that toward the end of the week, at the latest next week, we will have very good news to announce,” Skourletis told a conference in Athens.

The terms of Greece’s international bailout require PPC, which is 51 percent state-owned, to either sell its stake in ADMIE or fully privatize the grid by next year.

PPC has said it was examining bids submitted by the Italian power grid Terna jointly with infrastructure fund F2i and by China’s State Grid International Development.

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.

[Reuters]

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