Foreign investment in electricity transmission is subject to enhanced scrutiny (screening) by the authorities, mostly for national security purposes in alignment with the European Union's policy.
Article 19 - Certification of Transmission System Operators
1. RAE decides on the certification of Natural Gas and Electricity companies, in accordance with the criteria and procedure of Article 64 for Natural Gas and Article 113 for Electricity and, in the case of requests submitted by legal entities which come from a country that is not a member of the European Union, in accordance with the criteria and procedure of Article 65 for Natural Gas and Article 114 for electricity, in order for these companies to be designated as Transmission System Operators.
2. RAE monitors the ongoing compliance by Transmission System Operators with the criteria of Chapter B of Part Three and Chapters B and D of Part Four and for that reason, respecting the confidentiality of commercially sensitive information. may request any information and data from the Transmission System Operators and the companies that carry out any of the activities of production or supply of electricity and Natural Gas.
[...]
Article 114 Certification of IPTO SA in case it may be audited by third country persons (Article 11 of Directive 2009/72 / EC)
1. In the event of consequent ownership separation, in accordance with the provisions of Article 110, as well as in any other case in which IPTO SA may or has already been placed under the control of a person or persons from a third country or third countries, the RAE notifies the European Commission accordingly. For this purpose, RAE may issue guidelines and suggestions regarding the type and content of the certification application.
2. IPTO SA notifies RAE of any event that could lead to the acquisition of control of ESMIE or the Transmission System Operator by a person or persons from a third country or third countries.
3. In the case of paragraph 1, RAE issues a draft decision on the certification of IPTO SA within four (4) months from the date of notification of IPTO SA in accordance with paragraph 2. RAE rejects the certification, if it proves:
(a) that the acquisition of control violates the requirements of Article 9 of Directive 2009/72 / EC, and
(b) that the granting of the certification would jeopardize the security of the energy supply of the country and the Union. In considering this matter, RAE shall take into account:
(aa) the rights and obligations of the Union vis-τρί-vis that third country under international law, including any agreements concluded with one or more third countries, with the Union between the Contracting Parties dealing with security issues energy supply,
(bb) the rights and obligations of Greece vis-τρί-vis that third country arising under agreements concluded by Greece with that country, provided that such agreements are in conformity with Community law; and
(cc) other specific facts and circumstances relating to the case and the third country concerned.
4. RAE shall promptly notify its decision to the European Commission together with all relevant information and related data.
5. Before issuing its certification decision, RAE shall consult the European Commission on:
(a) the compliance of IPTO SA with the requirements of Article 9 of Directive 2009/72 / EC following the change of its control, and
(b) the possibility that the granting of the certification would jeopardize the security of the Union 's energy supply.
6. RAE receives within two (2) months from the expiration of the deadlines provided in paragraph 6 of article 11 of Directive 2009/72 / EC its final decision regarding the certification. In making its decision, RAE shall take due account of the opinion of the European Commission. RAE may refuse certification if it endangers the security of the energy supply of the country or another Member State or the European Union.
7. The final decision of RAE is published in the Government Gazette. When the final decision of RAE differs from the opinion of the European Commission, it is published on the website of RAE together with the decision and its reasons.
8. RAE reserves the right to refuse the certification of the Transmission System Operator, according to this article, in case during the exercise it finds that the protection of the legal interests of public safety of Greece is endangered according to the Community legislation.[...]" (Law No. 4001/2011 on the operation of Energy Markets for Electricity and Natural Gas, for Research, Production and Hydrocarbon transmission networks and other regulations [google translation])
Law No. 4001/2011 on the operation of Energy Markets for Electricity and Natural Gas, for Research, Production and Hydrocarbon transmission networks and other regulations [google translation]
[<a href="http://www.et.gr/api/DownloadFeksApi/?fek_pdf=20110100179">Law</a>]