Press Release for Financial Results FY/Q4 2001

FOR IMMEDIATE RELEASE ATHENS, 27 FEBRUARY 2002

PPC announces strong Full Year Results for 2001

EBITDA and Net Income amounted to €864m and €260m respectively, representing increases of 25% and 947% over 2000

• Total revenues increased by 7.8% due to increased consumption growth of 2.8% as well as tariff increases, the last of which took place in July 2001 and equated to a weighted average increase of 3.6%.
• EBITDA and Profit from Operations increased by 24.8% and 34.3% respectively due to top line growth, improved containment of operating costs and increased efficiencies.
• Earnings per share increased by 944% to € 1.18 due to operating improvement as well as a decrease in financial expenses and a foreign currency gain.
• Investments in fixed assets decreased by 10% following a reclassification of certain capitalised costs, which have been fully expensed in the 2001 accounts.
• The number of employees has decreased by 6.5% to approximately 29,600, mainly as a result of natural attrition.
• The Company's debt has decreased by 5.6% to € 4,766m while interest expenses to service the debt have decreased by 20.3% in light of a more favourable interest rate environment and a lower debt position.

Key indicators (Unaudited IAS, Euro millions)

Public Power Corporation's Chief Executive, Stergios Nezis, said:
"2001 has been a very important year for the PPC and has marked our transformation from a wholly owned Government entity to a listed Company with a wide international and domestic shareholder base. I am extremely pleased with PPC's results, which indicate and reinforce the management's commitment to create value for our shareholders."

For further information, please contact:
Gregoris Anastasiadis Chief Financial Officer Tel.: +30 10 522 5346

Overview of PPC in 2001

2001 has been a truly transformational year for PPC. Through a radical restructuring programme and the flotation of the Company in the international capital markets, PPC is now better than ever before positioned to build shareholder value through the pursuit of its strategic goals:

Maintain market leadership

• During the course of 2001, the Company has carefully monitored the competitive landscape in the Greek electricity market. Despite the granting of concessions to IPPs, management believes that the competitive threat to PPC's market position has not seen a meaningful change. However, management expects additional generation capacity to come into the market over the course of the next few years, especially in the light of the possibility of the more favourable tariff environment.

Achieve efficiency improvements

• Efficiencies have been achieved on several fronts. On personnel, there was approximately 6.4% increase in the average salary due to inflation adjustment mechanisms, as well as seniority-based salary increases. At the same time, PPC has witnessed a 6.5% average headcount reduction, mainly as a result of natural attrition.
• In order to keep a tighter rein on certain operating costs, the management has deliberately opted for a different accounting treatment on certain costs, which were fully expensed in 2001, rather than capitalised as was done in 2000.

Rationalise investments

• The investment rationalisation plan is well underway; 2001 highlights an initial decrease in capital expenditures due to stricter investment criteria, a different accounting treatment of certain expenses and the postponement of a number of investments.

Explore further growth initiatives

• The Company has not undertaken any major external growth initiatives in 2001 and, although PPC now holds an option for the acquisition of shares in DEPA, the state-controlled Greek public gas corporation, neither the timing of the potential exercise of such option nor the terms of the acquisition are currently being evaluated.

On a macro economic level, the year 2001 has marked the entrance of Greece in the European Monetary Union, providing a springboard for a gradual alignment of Greece's electricity market with that of more developed European countries, both in terms of tariffs as well as consumption. 2001 has also seen the formal opening of the Greek electricity market, the award of the first IPP licences and the release of the Regulator's Consultation Paper on tariffs.