The only foreign investor in the Greek electricity market is said to be pondering the option of withdrawing.
Italy’s Edison, controlled by Electricite de France, is closely watching developments in the liberalization of the power sector for signs of what course the government intends to pursue. Although it is eager to increase its involvement, Edison officials say that the company will not tolerate constant losses.
Edison has entered a consortium with Hellenic Petroleum and together they operate two natural gas-powered electricity plants with a total capacity of 800 megawatts.
Last week senior Edison officials met with Energy Minister Panayiotis Lafazanis and the management of Public Power Corporation and informed them of the firm’s decision to consolidate its position in Greece with the purchase of PPC plants. However, they also expressed their frustration that on top of the natural gas plants being loss-making all the plans that would have given private producers access to cheap fuel such as lignite and water have been cancelled.
At least PPC and Edison agreed to examine the possibility of cooperation in the broader region of the Balkans.