The Greek government has approved a request by energy and metals group Mytilineos Holdings SA (MYTIL.AT) to modify its power production license in order to sell electricity, the company said Tuesday.
The long awaited decision by the ministry of development comes in time to boost electricity capacity in the country ahead of the summer demand.
Greece's Regulatory Authority for Energy had earlier this year approved the commercial operation of the 334 megawatt combined heat-power plant in central Greece that was originally built to supply electricity to the company's aluminum operations.
The changes to the terms of the production license will now allow Mytilineos to become an electricity supplier to 51% state-owned electricity company Public Power Corp. SA (PPC.AT).
Mytilineos said the process is expected to be completed in June.
In March last year, Mytilineos entered into a EUR1.2 billion joint venture with Spain's Endesa SA (ELE.MC) to become a major player in Greece's electricity market.