The Hellenic Electricity Distribution Network Operator S.A. (HEDNO), the independent power distributor in Greece, on Tuesday unveiled what it called a re-branding campaign and strategic investments of up to three billion euros by 2028.
According to relevant Energy Minister Costas Skrekas, the sum of 2.1 billion euros, recently paid by the Maquarie Fund to acquire 49 percent of the previously fully owned Public Power Corp. (PPC) subsidiary, will be used to upgrade the distribution network (650 million euros), while a 100-million-euro project to lay 1,000 kilometers of underground power lines will begin in 2022; followed by another 1,500 kilometers in 2023, budgeted at 150 million euros.
Both the minister and HEDNO executives also pledged to invest in the overall upgrade of Greece’s grid, aimed towards achieving national goals for increasing the use of renewable energy sources in electricity production, and reducing “greenhouse” gas emissions.
Both the government side and the company’s leadership again expressed satisfaction over the privatization of 49 percent of HEBDO, with management being retained by the state.
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