Greek authorities and the institutions on Tuesday finalized an agreement on ADMIE and energy auctions by Public Power Corporation aimed to liberalize the electricity market in the country.
Even though the main talks between the Greek government and institutions were put “on hold” late on Monday, in order for IMF representatives to travel to Washington for its spring meeting, the Greek Minister of Energy Panos Skourletis met with the institutions on Tuesday.
Speaking to ANA-MPA after a meeting, he announced that an agreement on Independent Power Transmission Operator (IPTO or ADMIE) envisaged the transfer of majority stake (51 pct) from Public Power Corporation to the state (PPC will be compensated), while the remaining 49 pct is to be offered to a strategic investor – who will be the manager of the grid and will be able to buy at least 20 pct of the shares- as well as to private investors. The state will control a majority of the board, appointing the chief executive while the process to sell at least 20 pct of ADMIE is expected to begin in June.
Greek authorities will draft a new regulation regarding the auction of lignite and hydro-electric power production by Public Power Corporation (PPC), based on data provided by the operator of the market (LAGIE) and a recommendation of the market regulator (RAE) which will determine the quantity of energy to be auctioned and the starting price of auctions. The first auctions are expected in the second half of 2016.
Earlier, on Tuesday morning, Skourletis gave an inteview to public broacaster ERT and refuted media reports suggesting that a VAT hike in electrical bills is being planned. The Energy Minister also ruled out the possibility of a hike in the diesel tax, since it would have a major impact on the market. Finally, Mr. Skourletis was confident that an agreement will be reached ahead of the 22 April Eurogroup.
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