19072019Headline:

Two binding bids in tender for PPC’s lignite units

Two bids were submitted in an international tender to sell Public Power Corporation’s lignite units in Melitis and Megalopoli, PPC sources said on Wednesday. The same sources said that PPC asked candidates to submit improved offers, while PPC’s board will convene on Friday, 8 February to evaluate these offers.

The SEV.EN Energy–GEK Terna consortium, in an announcement, said it did not submit a binding offer based on the final contracts but on the basis of an alternative interpretation of the contracts. The consortium said that the final terms and conditions of the transaction, combined with a number of additional unstable factors, continued to burden the purchaser with significant risks, a fact that could not be acceptable by the consortium. However, it added that the consortium decided to submit a binding offer on the basis of an alternative interpretation of the contract including a more balanced distribution of risks between the seller and the buyer and to bring a gap between both sides’ expectations over developments in the electricity power market. According to information, this bid referred only to the Melitis lignite unit and not the Megalopoli unit.