Strict timetable for energy sector

The government will have to privatize the electrical energy transmission networks immediately and promote the sale of the thermal and hydroelectric units of Public Power Corporation (PPC) next year, according to demands imposed on Athens by its creditors.

The new memorandum of understanding that the so-called troika of inspectors from the European Commission, the European Central Bank and the International Monetary Fund is discussing with Athens includes structural changes in the energy sector that are considered ?prior actions? for the disbursement of the next bailout tranche.

The new agreement provides for the transfer of a 51 percent stake in grid operator ADMHE to the state privatization fund (TAIPED) and its sale to a company that is not involved in electricity production within October. It also demands a specific timetable for the preparation of selling hydroelectric plants by the end of October and their actual sale by September 2013. The sale of lignite units must be prepared by next September. Government sources said it is discussing those issues in the context of the PPC privatization.

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