State Grid Corporation of China

Greece's power utility PPC confirmed on Sunday it had received two binding bids for a 24 percent stake in the country's power grid operator ADMIE.

The terms of Greece's international bailout require that PPC, which is 51 percent state-owned, either sell its stake in ADMIE or fully privatize the grid by next year.

Greek power utility PPC has received two binding bids for a 24 percent stake in power grid operator ADMIE, an Energy Ministry source told Reuters on Friday.

The short list was Italian power grid Terna jointly with infrastructure fund F2i, France's RTE International and China's State Grid International Development.

The deadline for the submission of bids was Friday afternoon.

French grid operator RTE, a unit of state-owned utility EDF, says it is considering a bid for Greek grid operator ADMIE and would be ready to play a role in consolidating Europe's power networks if European Union regulations allow this.

Power utility PPC said it has extended a deadline for binding bids for a 24 percent stake in grid operator ADMIE to next Wednesday from this Wednesday.

France's RTE International, State Grid International Development from China and Italy's Terna have been shortlisted by PPC, which owns the network.

PPC said it pushed back the deadline to give prospective buyers more time.

Greece's dominant power utility PPC reported a bigger-than-expected drop in first-half net profit, weighed down by increased provisions for overdue bills and tariff cuts.

The European Commission has long wanted the continent’s power grids to work in unison for reasons of efficiency and supply security, so far to little avail, but a regional power network could soon be a reality, courtesy of State Grid Corporation of China.

Greek power grid operator ADMIE attracted five expressions of interest as the government seeks to sell a controlling stake, state-controlled power utility PPC said on Friday.