UPDATE 2-Greece to start power distribution operator sale in September [Reuters]
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Source: Reuters
UPDATE 2-Greece to start power distribution operator sale in September (Add loan agreements between EIB and Greece) ATHENS, Feb 14 (Reuters) - Greece will begin the sale of a minority stake in power distribution operator HEDNO in September, Energy Minister Kostis Hatzidakis said on Friday, after the European Investment Bank (EIB) agreed to offer a new loan to upgrade it. Greece has said the buyer of the 49% stake in HEDNO, which is at present fully owned by Public Power Corp. (PPC), will also have increased minority rights. PPC’s finances have weakened in recent years as the utility copes with more than 2.7 billion euros ($2.93 billion) of unpaid bills from customers who struggled to meet payments during the country’s economic crisis that broke out in 2009. Hatzidakis has called the planned sale “a cash injection” for PPC and a way to modernise Hellenic Electricity Distribution Network Operator (HEDNO). The EIB, which is the European Union’s lending arm, on Friday agreed to offer a 20
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