Gov’t mulling full privatization of gas company DEPA

The Greek government is considering the full sale (100 pct) of the country’s state-controlled gas company DEPA as part of its privatization's plan, according to Energy Ministry sources cited by state-run news agency ANA-MPA.

Under its bailout, Athens had agreed to sell a 50.1 percent stake in DEPA’s commercial operations.

The previous SYRIZA administration had passed a law which split DEPA into two companies, one for its wholesale and retail gas supply business and the other for its distribution network and international activities.

Energy Minister Kostis Hatzidakis said earlier in September he would soon amend that law to allow for the sale of majority stakes both in DEPA’s retail operations and its distribution grid.

DEPA will be the first energy company to be privatized, and will be followed by Hellenic Petroleum (HELPE) in which the state will maintain a share interest, and the partial privatization of Greece’s power distribution agency (DEDDIE) after all legal pending issues are settled.

The state owns 65 percent of DEPA and HELPE owns another 35 percent.