E.C.’s Decision for the pricing of AoG
With regard to the decision of the European Commission (Directorate General for Competition- “DG Comp”), which was notified to PPC on 17.04.2015 concerning the pricing of ALUMINIUM SA for the period starting from 1.07.2010 and ending on 31.12.2013, PPC announces the following:
1. The Company examines the decision, which was issued by the DG Comp, while the relevant case is pending before the General Court of the EC, in order to determine its policy and to proceed to the appropriate actions for the protection of its interests, as well as of the interests of the Greek consumers.
It is to be noted that some interpretations given by part of the press, by which it is attempted to connect the said decision with the cost and the pricing of ALUMINIUM SA, as well as of the other High Voltage consumers, have absolutely no grounds.
2. PPC’s objective is the maximum possible reduction of the electricity cost as this is determined by the operation of the market and the regulatory interventions.
To that end, PPC SA shall proceed with a comprehensive study for identifying and eliminating those factors that contribute to the increase of such cost. The said study shall also include proposals providing for short and medium-long term measures.
It is noted that during the last years PPC SA managed to save, through the reduction of payroll cost, EUR 2.8 bln, while at the same time it was burdened by the impact of the financial crisis on its consumers and the distortions of the electricity market.
In any case, PPC SA considers that the impact of the crisis and in particular the impact of past decisions affecting the cost of electricity should be borne by all market participants.
Athens, April 23, 2015