iii) Pipeline from offshore Cyprus to Greece
mainland via Crete. This pipeline constitutes
the consolidation of two initial parallel routes
(East–Med DEPA/Trans- Med Cyprus) that has
been agreed with the Cypriot side and the
European Commission.
iv) Gas compression station at Kipi, Evros
(Greece).
Privatization of the IPTO and
the PPC
The privatization of the Independent Power
Transmission Operator (IPTO or DESMIE in
Greek) and the Public Power Corporation (PPC
or DEI in Greek) holds a prominent position in the
energy sector, as well as among the policies of
the Greek government.
Energy is the country’s largest industry and, as a
result, the privatizations of the IPTO and the PPC
represent the most important structural reforms in
Greece.
The entire procedure will be launched in May, is
due for completion the latest by the first quarter of
2016 and, according to the MINENV, comprises
three stages:
1.
The ownership unbundling of the Independent
Power Transmission Operator (IPTO) from its
100% parent, the PPC, through the entry of an
investor that will acquire a stake of up to 51%.
2.
The breaking of the electricity company in two,
with the creation of a “big” and a “small PPC”.
The latter will be endowed with generating
capacity, personnel and clients that account for
30% of the incumbent. The “small PPC” will be
sold by tender.
3.
The “big PPC” will be privatized, with the Greek
state offering 17% of its shares by attracting a
strategic investor.
More specifically, the three stages, or “reforms”,
as the government calls them, provide for:
●The spin-off of the IPTO from the PPC during
the period from May 2013-second quarter of
2014: As far as the Operator, which owns the
transmission links and the High-Voltage
Centres, is concerned, the privatization process
will comprise two stages. The first stage
involves the entry of an investor –through a
Trade with Greece
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