Greek industrialist plans new British energy company

Mr Mytileneos believes the move to net zero will generate large sums of money. Photo: D. Karatzaferi

A Greek industrialist plans to launch a new electricity supplier for British homes to compete with the likes of Octopus and Ovo.

Evangelos Mytileneos, who is in the process of listing his £5bn Metlen conglomerate in London, told The Telegraph he hopes to go on strike. a rapid succession of post-listing deals that would take his business into the retail electricity market.

Mr Mytileneos said: “I admire Octopus and really admire the way it has developed. They did a very good job… And we love competition. We love challenges.”

Metlen, a conglomerate combining metallurgy, energy and construction, already supplies electricity to homes in Greece and other countries.

Mr Mytilenos said: “We started from scratch in Greece about 10 years ago when we had one state monopoly. Therefore, we know very well how to start from scratch, and we have developed the skills, equipment and everything necessary to do the job.»

His desire to penetrate the domestic electricity market stems from the belief that there are large sums of money available will make money on a clean transition to a zero state.

“Let's not forget that companies, including ours and Octopus, have become big as a result of the energy transition, and we are still in the middle of it. . Some companies will strengthen their position in the energy market, and some will lose their position, as happened in the UK two years ago.”

Metlen, which last week changed its name to Mytilineos in preparation for a listing in London, built solar farms in the UK and worked on infrastructure for the National Grid, including high-voltage transmission lines such as the Eastern Green Link 1 project.

Plans to join the London Stock Exchange were announced last month. Metlen plans to maintain its existing listing in Athens but make London its primary home. Citi and Morgan Stanley are working on a share placement expected in late 2024 or early 2025.

The company could receive a valuation of up to £5 billion, which would put it among the blue-chip FTSE 100 share index.

Mr Mytileneos said his ambition to penetrate the UK energy market was not affected by the current political uncertainty caused by the election.

He said: “Electricity supply and generation is one of the most politically challenging sensitive issues in the economy, since it affects the entire population.

“We are used to it. We are used to energy policymakers coming and going, and until the energy transition is resolved one way or another, we will also have a sensitive regulatory environment.”