SELF IMPROVEMENT

Sale of units and privatization of 17%

New unpleasant "surprises" reserving the government policy to "front" of further privatization of electricity, as defined objective of selling 17% of the shares of Treasury, will be implemented after the first lignite units sold of the company, in practical effect of enabling the Government to privatize, overall, an even larger share of the PPC!

The response of the competent Minister of Environment, Energy and Climate Change C. Papaconstantinou, in an interview in the newspaper «REAL NEWS», was clear: "The requirement for access to lignite by others without discrimination leads us to a combination of power exchange agreement with other countries and selling units of electricity. When this process is complete we will proceed in 2012 in the process of privatization of electricity, either by attracting a strategic investor or a sale of shares in subsidiaries ".

The government has carefully avoided mentioning in detail the objectives and procedures for selling parts and shares of PPC, creating deliberate confusion with several vague statements by the Minister in recent days, which were interpreted at will. The data is the primary requirement of the EU Troika to sell 40% of lignite units of electricity in order to achieve violent and forced access "third" in lignite production. A series of negotiations on "equivalent" alternatives, this exchange of energy there. This is a process that essentially abandoned and left exchange lignite energy companies abroad, which would give the DEI energy from conventional plants, and more expensive production.

Next to coal "sticky" and hydroelectric projects, which also wants to "put in hand," the energy giants and their local partners, but to them are not yet clear references beyond the general assignment and direction of this sector to individuals. Having sold lignite units of electricity, a shareholding of 51% in public ownership, will cover a smaller company. But if this 17% estimate the Securities sold units, then the act may be "moved" to individuals a much larger portion of the PPC, as far as stipulated in the initial announcement of 17%.