23 Billion Euros Pour Into Greek Energy in a Month

In less than a month, investor interest in Greek energy assets surged. More than 23 billion euros from large international funds flowed toward major domestic business groups operating in the sector. Funds including BlackRock, Capital, Covalis, QIA and K Group rushed to take positions in Greek energy companies. Behind much of the activity sits a common thread: the American factor.

The reason lies less in the profits Greek energy can generate at home than in the opportunities across Central, Eastern and Southeastern Europe. At a time when geopolitical influence through energy has become the most lucrative premium of all, Greece, with its US-friendly government, has tried to position itself as a transit hub for US LNG once Russian gas imports are completely phased out.

The capital raises that drew 23 billion euros

Three transactions illustrate the scale of demand. The share capital increase of PPC, Greece’s main power utility, attracted 18 billion euros when the listed company was seeking 4.5 billion. The capital increase of IPTO, the country’s electricity grid operator, is said to have drawn 3.5