of Eleni Botas
Important decisions have been put on the ice in EYDAP due to the recent decision of the Council of State (CoS) which ruled that its control with an intermediate vehicle of the Hellenic Holdings and Property Company (known as Superfund) is unconstitutional.
According to the decision of the CoF, although the sole shareholder of the Superfund is the Greek State, the fact that it does not directly maintain ownership control and the possibility of electing a majority of the members of the Board of EYDAP, is considered unconstitutional.
Therefore, according to information at this stage has raised significant questions whether the current management can make decisions that will judge the future of the company.
According to market sources, one of the scenarios considered by the Superfund is the expansion of the number of members of the board of EYDAP, however at this stage and until it is decided what will be born, critical decisions of the Company will be on the ice.
It should be noted that EYDAP has announced that it has instructed McKinsey to investigate the utilization of its fund, amounting to 300 million euros after the agreement with the Greek state for the price of unrefined water.
On the other hand, it was announced that its investment program of more than 1.1 billion euros is in the start-up phase, with most of it being financed by the EU, but also some that are expected to join the Recovery Fund or with other financial instruments.
Through the projects it will be able to achieve growth, reduce operating costs and recover part of the 157 million euros provided by the agreement to pay to the public, without raising tariffs.
Of these funds of its total investment program, 175 million euros will be allocated for the company’s transformation projects, 700 million euros for sewerage and recycled water projects in Eastern Attica and 200 million euros for the replacement of water networks to reduce leaks.
As the EYDAP administration recently pointed out, focusing on the projects for the sewerage networks and the KELs in Eastern Attica, it is approaching one billion euros.
The 700 million concern Eastern and Northeastern Attica with the tenders for the KEL Rafina and Marathon – Nea Makri being planned for 2022.
Source: Capital
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