Comments on press reports

Announcement

Regarding recent press reports on the charges included in the electricity bills for Public Service Obligations (PSOs), PPC clarifies the following:

PSO charges for 2015 which were included in PPC's tariffs were in the order of € 625 m instead of € 720 m that was mentioned in these press reports. PPC's cost for providing PSOs that should have been covered by these charges relate to 2014 and amounted to € 758 m. Thus, PPC, instead of having a “surplus” of € 93 m as mentioned in these press reports, it actually under-recovered PSOs by an amount of approximately € 133 m. The respective PSOs cost for 2015, which need to be recovered in 2016 is estimated at approximately € 720 m. The total amount to be recovered by PPC for the period 2012-2015 is in the order of € 600 m.

Athens, May 31, 2016