Greece plans to break up power utility
Source: Agencies |
May 16, 2013, Thursday
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Print Edition
Print Edition
GREECE'S conservative-led government yesterday announced plans to break up the state-run Public Power Corp by 2016, as part of a privatization program demanded by the crisis-hit country's creditors.
Government spokesman Simos Kedikoglou said about 30 percent of PPC's resources would be spun off to create a rival company, while the company-owned transmission operator, Admie, would also be sold.
The government is planning to sell off a 17 percent stake of PPC after the breakup, leaving it with 34 percent of the company and powers to veto decisions, Kedikoglou said. It will also retain a minority stake in the transmission operator.
"Careful consideration will be made for staff. There will be no dismissals," Kedikoglou told state-run NET television, insisting the privatization plan had the full backing of the government's left-wing and center-left coalition partners.
PPC employs about 20,000 people.
Government spokesman Simos Kedikoglou said about 30 percent of PPC's resources would be spun off to create a rival company, while the company-owned transmission operator, Admie, would also be sold.
The government is planning to sell off a 17 percent stake of PPC after the breakup, leaving it with 34 percent of the company and powers to veto decisions, Kedikoglou said. It will also retain a minority stake in the transmission operator.
"Careful consideration will be made for staff. There will be no dismissals," Kedikoglou told state-run NET television, insisting the privatization plan had the full backing of the government's left-wing and center-left coalition partners.
PPC employs about 20,000 people.
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