The intervention followed a social media post by former prime minister Alexis Tsipras, who criticised the planned funding as part of what he called ‘the big trick’. Tsipras contrasted the state’s current willingness to invest €1.3bn in ΔΕΗ with its decision not to participate in a previous share capital increase, which led to the loss of the state’s majority stake in the company.

Eugenia Fotoniata, coordinator of the institute’s scientific council, and associate Dimitris Tsekeris argued that the central issue is not whether ΔΕΗ can pursue an investment programme, but whether public participation produces measurable social returns. They noted that household electricity prices in Greece were 46% higher in 2025 than in 2019, while Greece ranked as the fourth most expensive country in Europe for electricity in terms of purchasing power. They also cited Eurostat data showing that 18.1% of Greek households were unable to keep their homes adequately warm.

According to the institute, the state should not act as ‘a passive financier of private returns’, but as a strategic investor whose participation must reduce energy costs, strengthen energy autonomy and create stable, quality jobs. It also noted that ΔΕΗ has already received around €2bn through Recovery and Resilience Fund resources.

The institute rejected claims that the SYRIZA government led ΔΕΗ to bankruptcy, saying the company’s net debt fell from €4.9bn in 2014 to €3.6bn in 2019. By contrast, it said ΔΕΗ current investment strategy has pushed net debt to €6.5bn, while its net debt-to-EBITDA ratio has risen steadily since 2022 and is now close to the company’s own leverage limit.

It also criticised the social cost of ΔΕΗ’s rapid shift away from lignite, particularly in Western Macedonia, arguing that improved corporate results and stock market performance came alongside pressure on households, businesses and local economies.

On the government’s argument that the state will benefit from higher dividends, the institute said the real question is whether the state should behave as a shareholder seeking returns or as a guarantor of affordable energy and strategic control. ΔΕΗ has promised dividends of €1.40 per share under its €24bn investment plan, compared with €0.40 per share distributed in 2025.

‘When profitability begins to depend on maintaining high energy prices, then the conflict between the public interest and financial growth becomes real,’ Fotoniata and Tsekeris concluded, adding that when these interests clash, ‘the choice must clearly be in favour of society’.

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