METLEN ENERGY & METALS S.A.
ANNOUNCEMENT - AGREEMENT REACHED BETWEEN ALUMINIUM S.A. AND THE PPC
The Management of MYTILINEOS HOLDINGS S.A. informs the investing public that the negotiations between the PPC and our wholly-owned subsidiary ALUMINIUM S.A. have established a framework for agreement, based on which the two companies will proceed to sign a new agreement regarding the supply of electrical power between ALUMINIUM S.A. and the PPC.
The agreement provides for the supply by PPC to ALUMINIUM S.A. of a total of 4,710 hours of electrical power at a tariff of €40.7/ΜWh. For the remaining period of time, ALUMINIUM S.A. will supply itself the electrical power needed to cover its requirements.
The duration of the agreement is set to 25 years, however a provision is also included for renegotiation of its terms after 31/12/2013, depending on the conditions that will prevail in the energy market at that time and on the respective CO2 emission rights. Finally, the debt of ALUMINIUM S.A. to the PPC is also settled with mutually acceptable terms.
This is clearly a very positive development, as the establishment of a mutually beneficial solution on the basis of free negotiations removes for good all obstacles in the relations between the largest consumer of electrical power in Greece and the PPC, promotes the competitiveness of the Greek economy, and is a significant step towards the effective liberalisation of the domestic energy market.
More details will be announced by the Chairman of the Group during the conference call to be held on Thursday 5 August 2010 at 17.30 hrs (Greek time) with market analysts and institutional investors for the presentation of the financial results for the 1st Semester of 2010.
For more details, please contact:
Mr Dimitris Katralis, Investor Relations Department (Tel.: 210-6877476, Fax: 210-6877400, e-mail: dimitrios.katralis@mytilineos.gr).
The MYTILINEOS Group is a leading Greek industry active in Metallurgy & Mines, Energy, EPC Projects and the Vehicle Industry. Established in Greece in 1990, the Group?s holding company, MYTILINEOS HOLDINGS S.A., is listed on the Athens Exchange, has a consolidated turnover of approximately €700 million and employs over 2,700 people in Greece and abroad. For more details, please visit the Group?s website at: www.mytilineos.gr.
The agreement provides for the supply by PPC to ALUMINIUM S.A. of a total of 4,710 hours of electrical power at a tariff of €40.7/ΜWh. For the remaining period of time, ALUMINIUM S.A. will supply itself the electrical power needed to cover its requirements.
The duration of the agreement is set to 25 years, however a provision is also included for renegotiation of its terms after 31/12/2013, depending on the conditions that will prevail in the energy market at that time and on the respective CO2 emission rights. Finally, the debt of ALUMINIUM S.A. to the PPC is also settled with mutually acceptable terms.
This is clearly a very positive development, as the establishment of a mutually beneficial solution on the basis of free negotiations removes for good all obstacles in the relations between the largest consumer of electrical power in Greece and the PPC, promotes the competitiveness of the Greek economy, and is a significant step towards the effective liberalisation of the domestic energy market.
More details will be announced by the Chairman of the Group during the conference call to be held on Thursday 5 August 2010 at 17.30 hrs (Greek time) with market analysts and institutional investors for the presentation of the financial results for the 1st Semester of 2010.
For more details, please contact:
Mr Dimitris Katralis, Investor Relations Department (Tel.: 210-6877476, Fax: 210-6877400, e-mail: dimitrios.katralis@mytilineos.gr).
The MYTILINEOS Group is a leading Greek industry active in Metallurgy & Mines, Energy, EPC Projects and the Vehicle Industry. Established in Greece in 1990, the Group?s holding company, MYTILINEOS HOLDINGS S.A., is listed on the Athens Exchange, has a consolidated turnover of approximately €700 million and employs over 2,700 people in Greece and abroad. For more details, please visit the Group?s website at: www.mytilineos.gr.