Procurement News Notice |
|
| PNN | 4354 |
| Work Detail | Plans to modernize power plants on non-interconnected Greek islands are in line with EU state aid rules, the European Commission said Monday. In December 2015 the Greek state notified the EC of plans to grant national utility PPC a guarantee enabling it to secure a Eur190 million ($212 million) loan from the European Investment Bank. The loan is to cover half the cost of upgrading, expanding and refurbishing existing power plants on 18 Greek islands not connected to the mainland grid. PPC will finance the other half of the costs from its own budget. The measure involves state aid because the terms of the public loan are more favorable than those a commercial operator would have accepted, the Commission said. The aid was in line with EU rules because it would result in efficient, affordable electricity to consumers on the islands. The project involves installation of 1 MW-to-25 MW fossil fuel-fired engines totaling 295 MW on islands in the North and East Aegean, Dodecanese, Cyclades, and the Diapontia island complex, with upgrading of associated infrastructure. |
| Country | Greece , Southern Europe |
| Industry | Energy & Power |
| Entry Date | 03 Sep 2016 |
| Source | https://www.platts.com/latest-news/electric-power/london/european-commission-approves-greek-support-for-26532941 |
