PUBLIC POWER CORPORATION
It is hereby notified that PPC's Board of Directors during its meeting of April 21, 2005 decided as follows:
1. To initiate a tendering procedure for the hiring of a well established Consultant specializing in the field of Real Estate Investment Companies. The Consultant's task consists in the analysis and evaluation of the relevant parameters and preconditions that shall be taken into account for the establishment and operation of PPC Subsidiary companies that will put to best use and manage PPC S.A./s Real Estate.
The Consultant will have to undertake a relevant cost-benefit analysis, and propose the form of the new subsidiary structure.
2. To participate in the tendering procedure for the privatization of the VARNA and BOBOV DOL power plants in Bulgaria and to submit binding offers for the acquisition of 100% of the total number of shares of said power plants.
3. To propose to the Energy Regulatory Authority and the Ministry of Development containment measures with respect to the problem of peak power demand during a limited period of days and hours in July, a problem, which is not only difficult to manage but also extremely costly.
The measures in question refer only to large customers (approximately 1% of the total number of customers) and provide incentives for reduced consumption as well as penalties for an increased consumption.
The measures do not refer to the remaining 99% of PPC/s customers and in no circumstance do they affect domestic and other low volume customers.
Said measures shall be communicated to the relevant customers, following their approval by the Ministry of Development.
April 21, 2005
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