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UPDATE 1-Greek power grid stake bid deadline next week - sources
October 5, 2016 / 3:17 PM / a year ago

UPDATE 1-Greek power grid stake bid deadline next week - sources

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ATHENS/MILAN, Oct 5 (Reuters) - Binding bids for a 24 percent stake in Greek electricity grid ADMIE must be submitted by Oct. 12, sources close to the process said on Wednesday.

France’s RTE International, State Grid International Development from China and Italy’s Terna have been shortlisted by Greek power utility PPC, which owns the network.

One of the sources said due diligence, the process where potential investors are given access to the company’s financial data, concludes on Wednesday.

Under the country’s bailout agreement struck last August, PPC, which is 51 percent state-owned, must either sell a minority stake in ADMIE or fully privatise the grid by next year.

PPC is seeking to sell 24 percent of ADMIE, which operates more than 11,000 km (7,000 miles) of high-voltage power cables in Greece.

PPC’s market share must also fall below 50 percent by 2020 from 90 percent now as part of a commitment by Greece to open its electricity market to competition.

Under a timetable approved by parliament, a preferred bidder for ADMIE has to be chosen by Oct. 31 and the deal is expected to be concluded in the first three months of 2017.

ADMIE had a regulated asset base of 1.37 billion euros ($1.5 billion) last year, according to its 2015 annual report.

PPC said in a bourse filing on Wednesday that ADMIE was in talks with Greek banks to refinance 337 million euros of loans.

$1 = 0.8925 euros Reporting by Angeliki Koutantou in Athens and Stephen Jewkes in Milan; editing by David Clarke

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