ECONOMY

PPC offers power deal to Metka

Public Power Corporation (PPC) said yesterday it had awarded a consortium led by Metka a 500-million-euro contract to build an 811-megawatt natural gas-powered plant in Megalopoli, southern Greece. The deal is subject to power plant builder Metka, a subsidiary of Mytilineos Holdings, and partner ETADE accepting the project’s price tag, which is 43 million euros below the offer they submitted, PPC said in a bourse filing. PPC said the consortium must not demand any compensation if the power facility’s commercial operation is delayed by up to 13 months due to connecting to the country’s natural gas network and electricity grid. The project was recently thrown into doubt because of possible delays to link Megalopoli to the networks by the time the plant starts operations in 2012. PPC will hold talks with the group and expects to finalize the deal within two months. Metka shares gained 3.29 percent to 8.80 euros on the Athens bourse yesterday, versus a 0.91 percent advance on the broader market.