Lenders push Greece to sell up to 40 percent of state-controlled power units
A Greek minister on Monday accused international lenders of reneging on a 2015 bailout deal by trying to force a fire-sale of its main electricity utility PPC to serve “domestic and foreign business interests.”
Under terms of a 2015 bailout deal for Greece worth up to 86 billion euros, Public Power Corp. (PPC) is obliged to cut its dominance in the Greek market to below 50 percent by 2020.
Although it is not clearly specified in the deal, lenders want Greece to sell some of PPC’s assets. PPC, which is 51 percent owned by the state, now controls about 90 percent of the country’s retail electricity market and 60 percent of its wholesale market.
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