Verbund, Austria’s biggest utility, is planning to start its own power production in Greece to benefit from upcoming liberalization of the Greek electricity market, the company said yesterday, according to Reuters.
Verbund, which earlier this week launched a Turkish joint venture, did not give any details. Austrian newspaper WirtschaftsBlatt reported the company planned to buy a 70 percent stake Greece’s Heron, an operator of a gas-fired power plant, which is owned by Greek construction firm GEK Group.
Verbund would invest a total of –400 million ($528 million) for the Heron stake and for a new gas-fired power plant, WirtschaftsBlatt reported. Verbund did not mention this deal in its statement and was not immediately reachable for comment. GEK declined to comment.