Investor Relations - 09.10.2013

Announcement regarding press comments

ANNOUNCEMENT


Following recent press articles which refer to a “self-destructive action” of PPC regarding the management of its generation fleet, which has resulted to a “ € 14 mln loss” in September, PPC underlines that, as per its standard practice, the management of its generation fleet is being carried out with the target of covering the energy needs of the country at the optimal cost. Given that PPC’s natural gas-fired generation in the first half of 2013 was 56% lower compared to the respective period of 2012, as a result of the reduction of electricity demand, the increased hydro generation, the increased penetration of RES units as well as to the ability of third party natural gas generators to generate at their technical minimum capacity, natural gas quantities consumed were significantly lower than those provided for in the relevant natural gas contract with DEPA.
Taking also into account the need to prevent the risk of PPC having to pay a take or pay clause due to the breach of terms of the said contract, cost optimization is achieved by operating gas-fired generation units for the remaining months of the year. It is noted that the availability of all generation units of PPC is at the annually scheduled level, with the exception of the Megalopolis lignite-fired units, whose availability has temporarily decreased, due to the recent landslide in the Lignite Center of Megalopolis, which is, however, estimated to be fully restored by the end of the month.


Athens, October 9, 2013

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