PPC says talks with RWE continuing

Electricity utility Public Power Corporation (PPC) said yesterday it was still in talks with Germany’s RWE AG over a partnership deal. PPC said in a statement the two groups were continuing confidential talks on a cooperation memorandum which would be discussed by the Greek utility’s board on December 20. «The memorandum will be signed only if it is approved by both companies’ boards,» PPC said. In October PPC had said it was looking to sign a memorandum of understanding with RWE to cooperate in energy production. The Greek utility’s market share and profit have dropped since Greece liberalized its energy market earlier this year under EU guidelines, and it has sought partners to help it expand its operations in the region. RWE, Germany’s second-largest electricity utility, said last month it planned to invest heavily in production of energy using renewable sources. (Reuters)