Tuesday September 2, 2014 Search
Weather | Athens
29o C
23o C
News
Business
Comment
Life
Sports
Community
Survival Guide
Greek Edition
EDF stuns local energy market with plan for strategic PPC entry

By Chryssa Liaggou

French energy giant Electricite de France (EDF) expressed last week its interest in the privatization of Greece’s Public Power Corporation (PPC), just as the government is poised to sell off part of the electricity company under a scheme dubbed “Small PPC.”

A meeting between the EDF’s chairman and chief executive, Henri Proglio, with Prime Minister Antonis Samaras in Athens and an expression of interest in PPC by Europe’s biggest electricity firm has stirred the waters in the local market, which had anticipated EDF to approach the buy indirectly via its Italian subsidiary Edison. Edison is already active in Greece through the two power plants of Elpedison (its consortium with Hellenic Petroleum).

It now appears that the French wished to make it clear that they take a strategic view of the Greek market, surprising even the Greek government: “[Proglio] arrived and presented a study on the synergies that an EDF entry into the Greek market would offer, and was well-informed about the situation of PPC’s finances and the detailed privatization plan,” a government official close to the talks told Kathimerini.

The study drawn by EDF focuses primarily on the entry of the French company into PPC as a strategic investor and secondarily on its participation on the tender for the company to created from splitting 30 percent of PPC’s production capacity, known as “Small PPC.”

EDF estimates that PPC will remain a strong player in the domestic market even after giving away 30 percent of its capacity. It also estimates that EDF and PPC have much in common, both in terms of philosophy and structure. It is not concerned by the large stake held by the state as EDF is also state controlled and therefore may be the only company in Europe that is not afraid of the role of unions in PPC.

The question is what the response of European competition authorities will be to an EDF arrival given its local presence through Edison, but EDF has already examined a plan to buy out Hellenic Petroleum’s stake in Elpedison and merge it with PPC.

ekathimerini.com , Monday April 21, 2014 (23:11)  
Tourism targets rise ever higher
Horse race betting hurdle removed for OPAP
Revised GDP data confirm that Greek growth is near
Measures to reduce unemployment
Education minister calls for probe into predecessor´s reform plan
Following reports that a plan to reform the tertiary education sector launched in the spring of 2013 failed to lead to millions of euros in savings, Education Minister Andreas Loverdos on Mo...
Anti-racism bill goes back to Parliament
An anti-racism bill, foreseeing stiffer penalties for individuals and political parties that engage in racism or incite racist violence, is to be debated in Parliament on Tuesday following m...
Inside News
BASKETBALL
Greek hoopsters go top of their group in World Cup
Greece has qualified to the second round of the FIBA World Cup after going top of its group of six through a third win in as many group games in Spain. On Monday it beat Puerto Rico 90-79 in...
SOCCER
Fulham striker Mitroglou set to re-join Olympiakos
Greek champions Olympiakos Piraeus are set to re-sign Kostas Mitroglou on loan from English second tier club Fulham after the striker arrived in Athens for talks on Sunday. An Olympiakos spo...
Inside Sports
ANALYSIS
EU’s three big problems all linked
The outgoing president of the European Council, Herman Van Rompuy, said at the weekend that his successor, Donald Tusk, currently Poland’s prime minister, faces three big challenges: the sta...
COMMENTARY
A great president
I fully understand the country’s need for political stability, a necessity which makes the election of a president by the current Parliament absolutely imperative. At the same time, however,...
Inside Comment
SPONSORED LINK: FinanzNachrichten.de
SPONSORED LINK: BestPrice.gr
 RECENT NEWS
1. Greek hoopsters go top of their group in World Cup
2. Tourism targets rise ever higher
3. Horse race betting hurdle removed for OPAP
4. Revised GDP data confirm that Greek growth is near
5. Measures to reduce unemployment
6. Peachy export data despite Russian embargo
more news
Today
This Week
1. Excavation work at Amphipolis reveals section of marble mosaic floor
2. A great president
3. Erdogan visits Turkish-occupied Cyprus
4. Greek economy shrinks at slowest pace since late 2008
5. Don’t feed the zombies
6. Greek officials meet to fine tune strategy for Paris talks with troika
Today
This Week
1. Attack on gay couple in Athens leaves one man needing surgery
2. The battle against progress
3. Thessaloniki mayor Boutaris sworn in wearing yellow star amid Golden Dawn protests
4. Strong undersea quake occurs off island of Milos, felt in Athens
5. Greek quest for debt relief faces hurdles in Paris
6. Hardouvelis, ECB executive discuss bank program, stress tests
   Find us ...
  ... on
Twitter
     ... on Facebook   
About us  |  Subscriptions  |  Advertising  |  Contact us  |  Athens Plus  |  RSS  |   
Copyright © 2014, H KAΘHMEPINH All Rights Reserved.