HELLENiQ, formerly called Hellenic Petroleum, will commence negotiations with Italian energy company Edison next month to see which company will divest its stake in Elpedison, according to reports at OT.gr.
Elpedison is a producer and supplier of electricity and natural gas in Greece and is currently split 50-50 between HELLENiQ and Edison.
HELLENiQ Energy’s CEO Andreas Shiamishis has repeatedly made public statements saying that the company will step back from power generation, and the trading of electricity and gas, so on the one hand the news comes as no surprise to analysts.
Additionally, sources highlight that there is a conflict of interest at play for HELLENiQ Energy which serves as a motivation for the company to divest.
In detail, HELLENiQ has a 50% stake in Elpedison and also an active 35% stake natural gas company DEPA Emporia, where it also trades natural gas and supplies electricity and natural gas.
Yet, according to other reports, HELLENiQ Energy is also allegedly interested in acquiring a 50% share of its Italian partner Edison and some analysts say the better play would be a full takeover of Elpedison and divestment in DEPA Emporia.
In either case, the future shareholder structure of Elpedison should become clearer from next month.
