The Government of Greece is reportedly planning to sell its 49% stake in Hellenic Electricity Distribution Network Operator (HEDNO).

HEDNO is a power distribution network which is 100% owned by the state-controlled power utility Public Power Corp (PPC). It delivers power through its underground power cables, overhead lines and substations, to homes and businesses in Greece.

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Greece Energy Minister Kostis Hatzidakis announced the divestiture, which is expected to strengthen PPC’s financial capability.

Speaking at an event, Hatzidakis was quoted by Reuters as saying: “It will be a cash injection for PPC and a modernisation for HEDNO itself.”

Additionally, the energy minister further added that the government intends to divest stake in Independent Power Transmission Operator (ADMIE) in 2020.

Greece currently owns a 51% stake in ADMIE, while the State Grid Corporation of China holds a 24% stake.

PPC is 51% state-owned and provides 60% of Greece’s electricity. Currently, a plan for revitalisation and modernisation of the company is in effect.

In its new business plan for the next five years, the utility’s board stated plans to shut down 3.4GW of coal-fired capacity, or at least 12 units, by the end of 2023. The company had originally planned to close the units in 2028. The focus will now be on increasing its renewables capacity by 1GW by 2024.

PPC CEO Georgios Stassis was quoted by Reuters as saying: “We are turning a new page, moving towards a fast decarbonisation.”