Up to 35 pct of PPC to be offered to investors
The government appears willing to pursue both a second share offer in state-controlled Public Power Corporation (PPC) and a strategic investor that will undertake the company’s management. Approximately 16 percent of PPC was floated in December 2001; this time, the government wants to float up to 35 percent, effectively making the state a minority shareholder. The timing will depend on when PPC will acquire a 25-percent share in state gas company DEPA. PPC has hired consultants to do the economic evaluation of the proposal. Before searching for a strategic investor, PPC wants to settle the issue of so-called social spending, mainly lower rates offered to certain groups, including its own employees; these lower rates cost the company more than 450 million euros annually. The European Union is considering what to do with what are effectively subsidized rates. Since February 2001, when Greece’s energy market was officially deregulated, PPC has lost the monopoly of energy production, while retaining that of distribution. However, private energy production, despite the hundreds of proposals submitted, is still a long way off. Among firms interested in a strategic partnership with PPC are Germany’s EON and RWE, France’s EdF, Italy’s ENEL and Britain’s National Power. Besides cross-border electricity trade, PPC also wants to expand into telecommunications. PPC posted 947-percent profit growth, to 260 million euros, in 2001. – In the Med., Europet for 80,000 tons of cargo loading April 14 Russia, discharging Med., has fixed M/T «Crude Ocean» at W/S 125.
