The tender for the
sale of Greece’s Independent Power Transmission Operator (ADMIE) appears to
have changed course since it became known that the State Grid Corporation of
China is set to buy a sizable stake in a vehicle controlling Italian grid operator
Terna.
The Chinese grid
operator and Terna were the two favorites for the 66 percent stake in ADMIE and
were expected to fight it out till the end. Now the road is open for Terna as
the Chinese will have no reason to invest in ADMIE directly given that it will
enter it through the Italian company.
A Reuters report about the Chinese acquisition of a Terna stake has
generated euphoria in the Italian energy market, as the move will bolster the
Italian grid operator’s liquidity, thus making it easier to link the
electricity market in the Western Balkans with the rest of Europe, including
the acquisition of ADMIE.