trol on the management and ownership of the high-
voltage network, which is currently owned by the
PPC and operated by its subsidiary, IPTO SA.”
“According to the agreement between the two
sides” says the Ministry “the Greek state pledges
to acquire and hold 51% of the shares of the new
IPTO. Twenty percent of the shares will be sold to
an international Transmission System Operator
(TSO), while the remainder will be sold to
investors through the Athens Exchange.
“As regards the implementation schedule, the
agreement provides for the acquisition of the stip-
ulated stake by an investor as soon as possible,
to be followed by the sale of the remaining stock
through the stock exchange at a later stage.
“The Greek state shall retain the majority vote in
the Board of Directors of IPTO, while the
Managing Director shall be appointed by consen-
sus.
“The Greek state shall be responsible for paying
the price for the high-voltage network, currently
owned by PPC, with the proceeds from the sale of
tribute hydro capacity. The leadership of the
Ministry for the Environment and Energy has
given the go-ahead in this case as well.
IPTO
The agreement between the government and
Greece’s lenders also provides for the creation of
a new undertaking, controlled by the Greek state,
which will acquire 51% of IPTO stock, while the
remainder will be sold to an investor and in the
stock market.
As officially announced by the Ministry of
Environment and Energy before the end of 2015,
“the talks between the Greek government, repre-
sented by the Ministry for the Environment and
Energy, and the representatives of the
Institutions, the aim of which was to prevent the
privatisation of IPTO, but at the same time
enhancing competition in the electricity market,
especially in regard with the electricity producers’
access to the Power Transmission Grid, were con-
cluded with an agreement that ensure public con-
Trade with Greece
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