This paper reports the preparation and characterization of semi-interpenetrating polymer networks (semi-IPN) of poly(3-hydroxybutirate-co-3-hydroxyvalerate), PHBV, and poly (vinyl alcohol), PVA, with conductive polypirrole (PPy) nanoparticles. Stable hybrid semi-IPN (PHBV/PVA 30/70 ratio) hydrogels were produced by solvent casting, dissolving each polymer in chloroform and 1-methyl-2-pyrrolidone respectively, and subsequent glutaraldehyde crosslinking of the PVA chains. The microstructure and physical properties of this novel polymeric system were analysed, including thermal behaviour and degradation, water sorption, wettability and electrical conductivity. The conductivity of these advanced networks rose significantly at higher PPy nanoparticles content. Fourier transform infrared spectroscopy (FTIR) and calorimetry characterization indicated good miscibility and compatibility between all the constituents, with no phase separation and strong interactions between phases. A single glass transition was observed between those of pure PHBV and PVA, although PVA was dominant in its contribution to the glass transition process. Incorporating PPy nanoparticles significantly reduced the hydrogel swelling, even at low concentrations, indicating molecular interactions between the PPy nanoparticles and the hydrogel matrix. The PHBV/PVA semi-IPN showed higher thermal stability than the neat polymers and PHBV/PVA blend, which also remained in the tertiary systems.