PPC expands abroad to slim at home
Public Power Corporation is implementing its expansion plan in the Balkan market, with the aim of strengthening its position and becoming a major player not only in Greece, but also in the broader Southeast Europe area.
The announcement of the start of exclusive negotiations with Enel last Wednesday to take over the Italian utility’s Romanian operations hardly surprised anyone in the market. Besides, rumors about it had been intense and PPC warned in 2021 that part of its capital increase would be channeled into acquisitions in the Balkans.
What was surprising was that PPC did not proceed with the acquisition of specific renewable energy source projects in the Balkans to strengthen its portfolio, but aims to acquire a vertically integrated company, active in power generation, distribution and supply.
Crucially, it seeks to expand abroad, since its share in the domestic market is limited to 50% by law. “PPC supplies 7.5 million consumers in Greece and should stay with 3.5 million. With the possible acquisition of Enel, we would be adding 3 million customers to our base, almost the share we’ll lose in Greece,” CEO Giorgos Stassis tells Kathimerini.
