Energy minister welcomes completion of State Grid’s acquisition of stake in ADMIE

Environment and Energy Minister Giorgos Stathakis expressed his certainty that the deal signed with China’s State Grid to acquire a 24 percent stake in Greek power grid operator ADMIE will be in favour of the grid’s users, during a ceremony completing the deal in Athens on Tuesday.

The minister described the three main challenges with ADMIE, which are the interconnection of the islands that will also allow lower tariffs for consumers, the increase in the participation of renewable energy sources and natural gas and Greece’s emergence as the main transit hub in southeastern Europe.

“The mutually beneficial cooperation for ADMIE, which we approve today, consisting of the composition of private capital and know-how with the strategic participation of the State, best meets the challenges posed by the strategic transformations in Greece and Europe,” the minister said.

State Grid’s Chairman Shu Yinbiao said the company is the largest utility in the world with 300 billion dollars in revenue for 2016 and 1.1 billion customers, adding that it also has presence in Italy, Portugal, Australia and other six countries.