Investor Relations - 25.04.2017

Comments on press articles

                                                               Announcement

Commenting on press articles and for the accurate information of the investor’s community, PPC S.A.  clarifies that :

-       The compensation for PSOs represents the additional actual expenditure incurred by PPC for the supply of electricity in the Non Interconnected islands as well as the Social Solidarity Tariff. PPC’s request for the recovery of PSOs for previous years does not “cover for losses of the company due to customers overdue receivables” as stated in the article. It is necessary in order for the Company to recover capital expenditure as well as operational expenses incurred for the Non Interconnected islands in order for the price of electricity to be the same with the one in the mainland.

In the following table, the first column depicts the annual expenses incurred by PPC for PSOs, the second column depicts the amounts that were invoiced, according to L. 4067/2012 and the third is the balance, representing the annual under - recovery by PPC. It is obvious that such under - recovery is significantly higher, since the amounts collected by PPC are less than those invoiced.

PSO (2012-2015 expenses in mil. euro)

                PSOs COMPENSATION *            INVOICED                            BALANCE

2012                  836.98                                   646.64                                 190.34

2013                  879.92                                    619.27                                260.65

2014                  785.96                                    633.00                                152.96

2015                  726.84                                    595.70                                131.14

                        735.09

* PSOs COMPENSATION: Additional expenses to be recovered by PPC

-       It is noted that for the years 2012 and 2013 the Regulatory Authority for Energy has approved a compensation for PSOs of € 810.55 mil. and € 848.90 mil., respectively (small differences  from the amounts of the abovementioned table are contested by PPC in court). The amounts for the years 2014 – 2015 are estimates which are considered to be close to the actual ones. It is clear by the data of the above table that –without any doubt – there is a total under - recovery of expenses by PPC for the years 2012 – 2015  that exceeds  € 735 mil. The Company looks forward to the relevant results of the review conducted by RAE.   

Athens, April 25, 2017

 

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