Greece’s privatization agency (HRADF), as well as its parent entity, the Hellenic Corporation of Assets and Participations (HCAP), on Thursday evening announced their support for a same-day decision by the Public Power Corp. (PPC) to raise funding through a 750-million-euro share capital increase.
HRADF and HCAP hold a 51-percent stake of PPC, the dominant electricity provider and producer in Greece and the one-time power monopoly in the country. The pending share capital increase will mean that state ownership in the utility will fall under 50 percent.
According to an announcement by the privatization and asset holding agencies, “Greece is making best-in-class progress in energy transition across Europe, and PPC is optimally positioned to play a critical role in the country as well as in the broader region. The new PPC, with focus on green energy, enhanced efficiency and strengthened balance sheet to further support Greece’s energy needs, benefit consumers, improve security of supply, and protect the environment.”
HCAP and its subsidiary HRADF – both mandated by memorandum bailouts with institutional creditors – were created to protect public interests and create long-term value for the Greek state.
Latest News
ELSTAT: Overnight Stays in Greece Up in Feb.
The provisional monthly data revealed that arrivals at tourist accommodations amounted to 773,104 and overnight stays were 1,677,685
Electric Energy: Greece’s New Sustainable Export
Moreover, a surplus of generated electricity cannot be fully absorbed by domestic grids and this excess power finds eager buyers in the form of companies entering into Power Purchase Agreements (PPAs), willing to pay a premium for clean energy
IOBE Revises Greek GDP Growth Downward, to 2.1% For 2024
Annual inflation is expected to reach 3%, up from the previous forecast of 2.8%
Last Sections of 136km E65 Highway Inaugurated on Tues.
Athens to Karditsa drive time is expected to drop to two and a half hours (under normal conditions), and some three hours from Athens to Trikala
Reuters: Greece to Repay More Bailout Loans Ahead of Maturity in 2023
The country has relied solely on international markets for its borrowing needs since a third institutional bailout ended in 2018
Ag Min. Avgenakis: Greece-China Cooperation in Research, Education in Agri-Food Sector
Greek minister tours cutting-edge hydroponics and robotics facilities at the Chinese Academy of Agricultural Sciences in Beijing
Mini Holiday Season in Greece for Upcoming Orthodox Easter
Occupancy rates reach up to 90% domestically for accommodations open ahead of peak summer season
Greek PM Mitsotakis Says Fight Against Inflation Ongoing
The Premier made statement during a visit an an open vegetable market
Unpaid Taxes in Greece Reach 1.539bln Euros
As the figures revealed the number of debtors totaled 3,878,712 individuals and legal entities.
ELSTAT: Greek Primary Surplus Reaches 1.9% of GDP in 2023
Greek debt saw a slight dip to 356.7 billion euros by the end of 2023, down from 356.8 billion euros a year prior