Comment on press releases regarding HV Tariffs
In light of recent press reports relating to the new High Voltage tariffs for 2012 and following our previous announcement dated 29.02.2012, PPC S.A. clarifies the following:
• Electricity tariffs for HV customers have remained “frozen” since July 2008.
• The power generation and supply cost for PPC for 2012 has been materially impacted by exogenous factors, such as fuel prices, energy purchases, financing cost, despite the drastic reduction of the total payroll cost in 2012 by approximately €700 million (41%) compared to 2009 total payroll amounting to app. €1,700 million.
• In a deregulated market, the new HV tariffs should at least reflect cost.
• The electricity tariff for HV customers of 80€/MWh mentioned in the press articles is not valid, as evidenced also by the new tariff lists published by the Company. Indicatively, it is noted that for the metal industry, and for customers with constant demand, the tariff amounts to 66€/MWh and represents only 59% of 112€/MWh, which corresponds to the estimated total average revenue of PPC for 2012 from all customers categories.
Athens, May 3, 2012