Greece’s Public Power Corp prepares for sale of coal-fired units

Greek electricity utility Public Power Corp (PPC) will invite investors to submit expressions of interest for the sale of two coal-fired units next week.

Greece and its lenders have agreed that PPC will divest about 40 percent of its coal-fired capacity to help to open up the sector after an EU court ruled that PPC abused its dominance in the coal market.

An invitation for the expression of interest for three coal-fired units and a license to build a new one was flagged on the company’s website on Friday but was later retracted. A company official said Public Power will address the invitation on May 31, according to the sale’s timetable.

The sale is a condition of the country’s latest international bailout and has drawn fierce protest from unions. [Reuters]