Greek state-controlled power utility Public Power Corporation (PPC) has denied reports that it is interested in the acquisition of 70 % stake in Romanian electricity producer and distributor Enel Romania.
The company also denied that it has signed a Memorandum of Understanding on the matter with Enel Romania’s parent Italian energy company Enel.
PPC representatives said that the company is simply actively exploring growth opportunities in Greek and southeastern European markets and that it is screening potential acquisitions in Romania and Bulgaria. There is no signed agreements or memoranda at the moment.
Last week, the media reported that PPC is looking to expand its renewable energy operations to Romania and the Balkans, where it is planning five large RES acquisitions (both in development an in operation) with the capacity of 500 to 600 MW. Such moves would help its subsidiary PPC Renewables achieve its RES portfolio target for 2023, set at 1.5 GW of installed capacity.
Enel Romania controls about a third of Romania’s electricity distribution system. The company has come under pressure as a result of the Government’s capping of electricity prices and has argued that the present rules in the Romanian energy market are not favorable for further investments.