With regard to the ruling of the Court of Appeal of Athens, which rejects the action of PPC against the decision 1/2013 of the RAE arbitration and against ALUMINIUM OF GREECE and in order to clarify certain points mentioned in press articles, the Company notes the following:
- The Court of Appeal did not consider the substance of the case, i.e. the price of electricity or the cost of PPC. By its ruling, the pleas in law brought forward by PPC were not accepted on the grounds that the court has not the right to examine the case on its substance.
- Therefore, any reference in such articles on an alleged ruling of the Court of Appeal on the substance of the case with respect to the pricing of electricity or the electricity cost for PPC, is unfounded.
- It is also noted that the action of PPC (dated 25.3.2015) before the General Court of the European Union, against the decision of the European Commission which judged that the complaint lodged by the Company for illegal state aid, due to the price set by the arbitration decision, does not need to be further investigated, is pending.
- In any case, the ruling of the Court of Appeal does not affect in any way issues pertaining to the pricing of the Aluminium of Greece or other customers, with electricity cost being the dominant factor.
Athens, March 2, 2016
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