Regarding today's press articles (Friday, July 17, 2009) on the energy planning of PPC S.A and delays being faced in the implementation of the capex programme, the Company clarifies the following:
1. With respect to the delays in the capex program, these have already been communicated during the Shareholders' General Assembly on June 25, 2009 and the relevant presentation together with the speech delivered by the Chairman and CEO are available on the corporate website (www.dei.com.gr).
The delays are due to:
" Various external factors causing difficulties and delays, which the Company is making every effort to overcome in the shortest possible time period, and
" Internal weaknesses stemming from the way the company had been used to operate from the past and which the management is focusing to address in order to improve planning and execution efficiency
The company would like to confirm to all stakeholders that, the completion of the planned investments within the shortest possible time frame and with the maximum possible return to shareholders is of the highest priority.
2. With respect to press articles on the development of nuclear plants, it is clarified that:
" PPC has never planned or is planning to construct nuclear plants, and has repeatedly in the past denied relative press comments. This applies also to today's press articles.
" Although the energy planning of the country is not the responsibility of PPC, the Company, as the largest electric utility in Greece, is obliged to express its opinion towards the competent State authorities regarding the energy planning of the country and the energy mix that secures supply of electricity at the lowest possible price for future generations. This does not in any case constitute change in the approved Business Plan and the associated investments in power plants.
Athens, July 17, 2009