Fight for ADMIE privatization ends

The tender for the sale of Greece’s Independent Power Transmission Operator (ADMIE) appears to have changed course since it seems the State Grid Corporation of China is set to buy a sizable stake in a vehicle controlling Italian operator Terna.

The Chinese grid operator and Terna were the two favorites for the 66 percent stake in ADMIE and were expected to fight it out till the end. Now the road is open for Terna as the Chinese will have no reason to invest in ADMIE directly given that it will enter it through the Italian company.

A Reuters report about the Chinese acquisition of a Terna stake has generated euphoria in the Italian energy market, as the move will bolster the Italian grid operator’s liquidity, thus making it easier to link the electricity market in the Western Balkans with the rest of Europe, including the acquisition of ADMIE.

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