Greece wants to keep majority stake in PPC, says Skourletis

Greece wants to keep a majority stake in its dominant power utility PPC and also set up an independent power grid operator, as agreed with its international lenders, its energy minister said on Monday.

The state owns 51 percent of PPC, which controls 97 percent of Greece's retail elecricity market. Under the country's third bailout deal Athens needs to privatise its power grid operator or find an alternative scheme to open up the market.

"There won't be a further privatisation of PPC. The state will retain a majority stake," Energy Minister Panos Skourletis told Real News radio.

Skourletis also said that Greece would proceed with the privatisations it has agreed with its Europen Union and IMF lenders.

[Reuters]