A closely watched share capital increase by the Public Power Corp. (PPC) was oversubscribed by institutional investors within a few hours on Tuesday, the first day of a book-building process that will conclude on Thursday.
According to market analysts, roughly three billion euros was offered for 1.350 billion euros sought by the ATHEX-listed utility, the dominant power provider and producer in Greece.
The same analysts said PPC will remain at the figure of 1.350 billion euros sought, given the state’s participation in the share capital increase, so that it retains a 34.12-percent stake in the previous power national monopoly.
One of the strategic plans that PPC said will be financed with money drained from the share capital increase is electricity production from solid waste.
According to information gleaned by OT, PPC’s management is readying studies to exploit lignite-fired units that will end operation and older power stations as part of a national action plan for solid waste management – a long-standing environmental debacle for successive Greek governments.
PPC enjoyed an overwhelmingly advantageous position vis-à-vis other competitors in the country, due to the fact that it retains numerous power plans using all types of energy, all of which are already connected to the national grid.
The raw material projected for use for such units will be derived from the sorting and processing of solid waste, namely, secondary RDF and SRF fuels.
The development marks a dramatic reversal of the once-formidable utility, which for decades was billed as Greece’s biggest industrial concern, as it flirted with bankruptcy in 2018-19 under the then leftist SYRIZA government, racking up losses of close to a billion euros.
Latest News
Europeche: Greek Apricot Production Recovers
Europeche forecasts the production will bounce back despite a slight decrease in varieties attributed to high winter temperatures
Bank of Greece (BoG): Business-Household Deposits Up 1,675bln in March 2024
In March 2024, the monthly net flow of credit to the general government was negative by 469 million euros
FT: Greece’s Economic Rebound a Balance of Growth and Poverty
Eurostat data revealed a significant 10.8% drop in Greek public debt relative to GDP in 2023, alongside a 2% economic expansion, outpacing Germany's performance.
Lavrio Port Authority Next Up for Privatization
A deadline for the submission of expressions of interest is May 14, 2024
Eurostat: Greece Records Largest Drop in Natural Gas Prices in 2nd Half of 2023
The price of electricity and natural gas in Europe was down following a substantial surge that began before the Russian invasion of Ukraine and peaked in 2022
GEK TERNA Still Considers Leveraging Concessions Portfolio as Financial Tool
President and CEO of Gek Terna George Peristeris explained the company's plans on Tuesday on the sidelines of the inauguration of sections of Greece's E65 highway
NielsenIQ: 3% Supermarket Revenue Increase in Q1
Private label products are gaining traction, comprising 25.4% of shopping basket shares, up from 24.7%
Store Hours Change Today in Observation of Orthodox Easter
The President of the Athens Chamber of Commerce hopes the Easter period will provide a much-needed boost to retail traffic in the capital
Athens-area Mass Transit Systems Set to Finally Install Contact-less Fare Payment
Paying fares via bank cards, smartphones and smartwatches in all mass transit systems in the Greek capital, namely, buses, trolleys, the metro and tram lines, is scheduled by the end of the year
Council of State Rejects Motion Against Thessaloniki Motorway Project
The motion was filed earlier this month by three local citizens’ and environmental groups and generated a high court decision for a temporary stay in construction