Investor Relations - 23.11.2007

Denial of a report



Α. Referring to a report in a newspaper (23/11/2007) which states, among other, that according to information, Mr. Athanassopoulos said to institutional investors that by the end of the year PPC shall receive from the State approximately 400 mil. Euro, owed to the Company due to Public Service Obligations (PSOs), i.e. arising from electricity sold in the islands below cost, PPC would like to clarify that:


1.      The Chairman and CEO of PPC Mr. Takis Athanassopoulos, never stated that by the end of the year PPC will receive from the State approximately 400 mil. Euro owed to the Company due to PSOs .                


2.      In PPC’s Strategic Priorities that were presented to the analysts during the afternoon of Wednesday 21/11/07 after the end of trading session of the Athens Stock Exchange - which presentation was uploaded on the company’s web site on the same day - a chapter is included which refers to PPC’s proposals on electricity tariffs’ increases, as well as to a proposal concerning the unbundled structure of the tariffs in question. According to the proposal presented by PPC, in the unbundled tariffs - and more specifically in the regulated component of the tariffs – is included that part which, according to PPC, corresponds to a reasonable return for the provision of PSOs and which, based on Company’s estimations, amounts to € 7.6 per MWh.


3.      Following the presentation and responding to a question as to what part of the proposed tariffs’ increase corresponds to PSOs, the Chairman and CEO of PPC referred to RAE’s publicized opinion on the relevant calculation methodology, which in case it is approved, would correspond to an amount of 437 million Euro for PSOs, for the year 2007.


Consequently, the Chairman and CEO of PPC never stated that PPC will receive 400 million Euro for PSOs, by the end of 2007.


Β.   Until today, the Regulator has not informed PPC with respect to any decision referring to the Company’s proposal for tariff increases, as this proposal is stated in PPC’s Strategic Priorities.



Athens, November 23, 2007


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