PPC is to spin off its transmission division into a separate independent company, the Greek power utility said in a November 8 statement on the Athens stock exchange. The spin-off, to be known as Independent Power Transmission Operator SA (IPTO or ADMIE), is to include a holding in PPC Telecoms, the utility said. The announcement followed an overwhelming vote in favor of the spin-off during a November 7 extraordinary general meeting of shareholders. Creation of an independent transmission company is required under the EU's third energy package, but PPC is also among Greek state assets being targeted by the government for sell-offs in order to raise much-needed funds. The sale of network assets has been raised among several options open to the government.
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