The Prime Minister Antonis Samaras has arranged to meet with the head of the French power company EDF Henri Proglio, in order to discuss the possibility of investing in the Greek state power company DEI. EDF is interested in either purchasing the “mini DEI” that will result from splitting the company for privatization, or 17% of the “large DEI”.
While EDF has not quite clarified its interest for DEI, it seems more than likely that it will invest in the “mini DEI”, as it will then be able to integrate the Elpedison joint venture it owns. Elpedison is a joint venture between ELPE and the Italian Edison firm, which is a subsidiary of EDF. The French power company risks being ordered to sell its stake in Elpedison, as the European Commission will not EDF to have “two feet” in the same market.
At a presentation of his firm’s finances In February, Mr. Proglio revealed that his company is prepared to take advantage of any investment opportunities in the near future. According toe Mr. Proglio, EDF’s policy is to «invest in Europe and not emerging markets” contrary to competitive firms Iberdrola, E.ON and GDF.
With EDF being the greatest state monopoly in Europe, the possibility of a French acquisition or investment in the Greek power company has a political dimension, as it would reflect European solidarity towards Greece. EDF will return to Greece after Easter, to meet with the Deputy Minister of the Environment Papageorgiou.
