VERBUND establishes strong presence in Greece


VERBUND, Austria’s leading electricity company, expands further: VERBUND, already successfully active in Greece through VERBUND-Austrian Power Trading ENERGA Hellas S.A. (APT ENERGA Hellas), a joint-venture between VERBUND and the Greek company Energa S.A., wants to strengthen its base through own production.

On account of acute capacity bottlenecks, a feed-system has been constructed for gas-steam power plants – from which VERBUND also intends to profit.

"Our recipe for success will also prove itself in Greece: trading with electricity from our own production," VERBUND General Director, Hans Haider, said today, Thursday, in a press conference in Athens.

In good time before the total deregulation of the Greek market in July 2007, VERBUND is thus improving its starting position. In this final step of the liberalisation of the Greek electricity market, around 7 million households will be able to freely choose their electricity suppliers. "Together with our partners, we will be the first to challenge the local monopolists,” Haider explained.

Greece’s total electricity consumption amounts to 53 terawatt hours (Austria: 65 TWh); the electricity prices have greatly increased in the past one and a half years – by up to 50 % in parts. As in other countries, Greece’s electricity production has not been able to keep pace with the increased consumption. For this reason, increased power plant construction is now to take place.