Greek electricity utility Public Power Corp (PPC) said its board has decided to exercise its option to acquire 30 pct of local state controlled gas monopoly DEPA.
Brokers said that the process that is likely to be followed is that several investment banks will value DEPA and PPC will have the right to exercise its options if it agrees on the resulting price.
The 30 percent stake in DEPA is likely to be worth between 500 to 700 million euros, brokers added. Analysts close to the matter noted that 20 percent of PPC's electricity generation costs arise from natural gas so acquiring the DEPA stake will allow PPC to ensure its supplies, expand to other markets and be better able to compete with other energy producing consortia active in Greece.
(AFX News)