REG - Public Power Corp - Comments on a press article <Origin Href="QuoteRef">DEHr.AT</Origin>

Public Power SAAnnouncement

27/01/2017 07:00

RNS Number : 2913V
Public Power Corporation S.A.
27 January 2017
Comments on a press article
Announcement 
Commenting on an electronic press article and for the accurate information of the investors' community, PPC clarifies that, the comment that PPC will keep IPTO's cash reserves following the ownership unbundling, is inaccurate. It is noted that, apart from the amounts that PPC will receive for the sale of IPTO's 24% to State Grid and 25% to the Greek State (HR CO), pursuant to the relevant provision of L. 4389/2016 PPC will receive an additional amount of  92.9 mln., as a result of a relevant increase and decrease of the share capital of IPTO. In addition, since in the same article there are inconsistencies regarding the structure of the transaction for the ownership unbundling of IPTO and the resulting shareholders structure of IPTO following the conclusion of the transaction, we would like to refer to page 14 of the presentation of Key operating and financial figures for 9M2016 (https://www.dei.gr/Documents2/%CE%9F%CE%B9%CE%BA%CE%BF%CE%BD%CE%BF%CE%BC%CE%B9%CE%BA%CE%AC%20%CE%91%CF%80%CE%BF%CF%84%CE%B5%CE%BB%CE%AD%CF%83%CE%BC%CE%B1%CF%84%CE%B1/2016%209m/PPC-9M2016%20ENG.pdf). Finally, the relevant to the so called NOME auctions comment that "in the last auction, PPC sold  36/KWh, while it estimates its cost at  40" is inaccurate. PPC sold for an average price of  37.39 /MWh, whereas its generation cost is significantly higher.
Athens, January 27, 2017

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