Three in bid for 24 pct stake in Greece’s ADMIE

Greek power utility PPC has announced that three companies have progressed to a second round for the purchase of a 24 percent stake in the Independent Power Transmission Operator (ADMIE): RTE of France, Terna of Italy and State Grid International Development of Hong Kong, a subsidiary of State Grid Corporation of China.

PPC is pushing the sale as part of last year’s bailout from international creditors, which also stipulates a reduction of its share in the electricity market to 50 percent by 2020, from the current 90 percent.

ADMIE owns 11,365 km of the country’s high voltage power network.

The tender was challenged earlier in the month by the GENOP/PPC trade unions, which resorted to the Council of State, demanding its cancellation.

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