Statement re Press Comment

Comments on press reports

ANNOUNCEMENT

Regarding press reports concerning the provisions of the Law for Renewables (RES) which was voted on August 4, PPC S.A. clarifies the following:

1.   PPC will not proceed to an increase of the energy component of its tariffs.   

2.   Regarding the RES levy, which is being collected through tariffs, it is noted that its level is being defined by the State.

3.   Regarding the amount of compensation for RES generators in relation with the reduction of the System Marginal Price, as a result of electricity generated from RES, the figures that are being mentioned (i.e. € 6/MWh) are at least contestable, based on PPC's estimations.  It is obvious that the final figures which will result according to the procedure  described in the Law, will be the outcome of an unbiased study and consultation of all related parties.

It is again noted, that PPC, as a supplier of electricity is already paying to RES generators the difference between the System Marginal Price and the average variable cost of conventional thermal generation units.

4.   Finally, on the occasion of the favourable provisions for the compensation of RES generators which were introduced by the Law, PPC is reiterating its constant request to render the RES levy to its beneficiaries once it has collected it.  

Athens, August 8, 2016