REG - Public Power Corp - Half-year Report <Origin Href="QuoteRef">DEHr.AT</Origin> - Part 6

Public Power SAAnnouncement

26/09/2017 16:31

- Part 6: For the preceding part double click  ID:nRSZ8836Re 

agreements for which it was agreed upon to be
repaid gradually throught installments. On June 10, 1991, although PPC has paid the overdue installments, the Bank has
terminated all of the above mentioned loan agreements and thus on that date the claim against PPC became overdue for the
whole amount of the loans. For that reason, against PPC's above mentioned lawsuit, the Bank has proposed an offset of its
claim resulting by the above mentioned loans, amounting to GRD 4 bil. approximately, and furthermore has asked the payment
of this amount by PPC by its lawsuit dated 28.12.1995. The Court of First Instance has postponed the hearing of the Bank's
lawsuit against PPC until the final outcome of the hearing, which started with PPC's lawsuit against the Bank. 
 
PPC's lawsuit against the Bank was rejected by the Multimember Court of Athens and PPC appealed against the said Decision
of the Court which was also rejected by the Athens Appeal Court.The above mentioned decision was brought to review by PPC
before the Supreme Court, which accepted it and in consequence the case was again brought to trial before the Court of
Appeals, which held that an expert report should take place. After the said expert report the Court's decision was held
partially in PPC's favor (Court of Appeals decision 2005).However, a petition for review before the Supreme Court was filed
against the aforementioned Decision which was then accepted by the Supreme Court and then was resubmitted to the Court of
Appeals which by its inconclusive decision (Nr 4093/2009) ordered the completion of the expert report.The official expert
report was completed at the end of May 2012. Following that, the hearing of the case would have taken place on October 25,
2012, but it was postponed for September 26, 2013, due to the strike of both judges and lawyers. The case was heard on the
abovementioned date. 
 
Decision 3680/2014 of the Court of Appeals was issued, which only partially accepts PPC's lawsuit while essentially
accepting the results of the ordered by the Court above mentioned official expert report, as following : a) the amount due
by the Bank of Crete to PPC at the time of the filing of the lawsuit by PPC on 22.07.1991 amounted to GRD 1,268,027,987 and
b) The amount due by PPC to the Bank of Crete on 01.07.1991 due to the loan amounts becoming overdue by the Bank and after
the suggested by the Bank set off of its counterclaim against the above-mentioned PPC's claim, amounted to GRD
2,532,936,698. 
 
PPC appealed against the above mentioned decision on June 19th 2017 (Decision 3680/2014 of the Court of Appeals). It is
noted that until the final judgment on the appeal, the discussion of the aforementioned (28 December 1995) lawsuit of the
Bank of Crete against PPC is pending. 
 
In case that the Supreme Court accepts PPC's annulment, then it will judge the case anew and the decision which it will
issue will be irrevocable. In case of a positive outcome for PPC, for which there are increased probabilities, then the
case of the Bank against PPC might be rejected. 
 
13. COMMITMENTS, CONTINGENCIES AND LITIGATION (CONTINUED) 
 
Complaint against the European Commission's Decision regarding lignite extraction rights 
 
On May 13th, 2008, PPC filed before the General Court of the European Union (General Court), an application for the
annulment of the Commission's decision of March 5, 2008 regarding the granting by the Hellenic Republic of lignite
extraction rights to PPC. The Greek State has intervened before the aforementioned Court in favor of PPC, while two
competitors of PPC have intervened in favor of the European Commission. Furthermore, on August 4, 2009, the European
Commission issued a decision (which was notified to PPC on August 7, 2009), in which the measures for the compliance with
the decision of March 5, 2008 were determined as obligatory for the Hellenic Republic. 
 
The Commission's Decision made obligatory for the Hellenic Republic the launching of public tender procedures for the
concession of lignite rights for the mines of Drama, Ållassona, Vevi and Vegora to third parties excluding PPC, with the
exception of those cases where there were no other valid and binding offers. 
 
The Hellenic Republic was also obliged, to ensure that the third parties that would be awarded the relevant extraction
rights, would not sell to PPC the extracted lignite from the specific mines, with the exception of those cases where there
would be no other valid and binding offers. PPC submitted an application for the annulment of the said decisions of the
Commission before the CFI of the European Communities. Furthermore, the Hellenic Republic has intervened before the CFI in
the said proceedings, in favor of PPC. The hearing of the cases took place before the General Court on February 2, 2012.
The General Court of the European Union on 20.9.2012 issued two (2) decisions for both cases (Case T-169/08 and T-421/09)
in favor of PPC. 
 
The Commission appealed for the revision of the relevant decisions before the General Court of the European Union (Cases
C-553/12 and C-554/12). The abovementioned appeals have been notified to PPC on December 19, 2012. 
 
On March 25, 2013 the companies "MYTILINEOS S.A - GROUP OF COMPANIES", "PROTERGIA S.A." and "ALOUMINION S.A." filed before
the European Union Court, an intervention petition in favor of the European Union and against PPC, for the annulment of the
above mentioned Decision of the General Court of September 20th, 2012. The hearing of the case took place on October 3,
2013. 
 
On July 17, 2014, the Court of the European Union has issued a decision on the annulment requests for the 
 
Commission, by accepting them. In particular the Court of the European Union, by citing cases, has accepted that for the
application of the directives in question of the union law it is required (but also enough) the adoption of a measure, by
which a member state exclusively grants rights to a public company, creates an inequality of opportunities between
companies and thus drives the company to an abuse of its dominant position. The European Union's Court has not accepted the
Commission's request to judge the case in its substance following the injunction of the decision in the first degree but
referred the case again to the General Court of the European Union, in order for it to deliver a decision on the remaining
annulment reasons, which, although PPC had invoked in front of the Court, the General Court had not examined. In Case
T-169/08 RENV, PPC put forward four reasons for the annulment of Decision C (2008) 824: a) an error in law and a manifest
error of assessment b) breach of the duty to state reasons c) violation of the principles of legal certainty, of the
protection of legitimate expectations and of protection of private property as well as abuse of power and d) violation of
the principle of proportionality. 
 
In Case T-421/09 RENV, PPC put forward four reasons for the annulment of Decision C (2009) 6244: a) an error in law and a
manifest error in the definition of the relevant markets, b) a manifest error of assessment of the facts and error in law
concerning the necessity of the imposed measures, c) breach of the duty to state reasons and, d) violation of the principle
of contractual freedom and of the principle of proportionality. 
 
Before the hearing of the case, the General Court of the European Union requested that the parties reply to inquiries sent
to them on February 2016 and the parties submitted to the Court their written replies. On 08.03.2016 both Case T-169/08
RENV, in which parties are PPC as an applicant and the Greek Republic as intervener in support of PPC and on the other hand
the European Commission and the "Thessaloniki Energy A .E. " Greek Energy & Development SA " as interveners in support of
the Commission and" MYTILINEOS SA."," PROTERGIA SA " and "ALOUMINIUM SA" as interveners in the appeal, as well as Case
T-421/09 RENV between the same parties (but without interveners) were discussed before the General Court. By its Decision
of December 15th 2016 the General Court of the European Union rejected the reasons for annulment put forward by PPC. An
appeal against the judgment of the General Court was feasible, limited to legal matters, within two months after the
notification of the Decision. Eventually, PPC did not proceed to an appeal. 
 
Alleged claims of EMO (LAGIE), against PPC S.A. 
 
Implementation of methodology for the payments allocation due to deficits of the Day Ahead Schedule ( DAS ) 
 
It is noted that following the issuance of RAE's Decision 285/2013, EMO sent a letter to PPC, according to which an amount
of Euro 96.6 million is seemingly allocated to PPC, based on the finalization of the methodology by RAE for "the fair
allocation of payments to cover deficits in the Day Ahead Schedule (DAS)" created by third party suppliers during 2011 and
2012. 
 
13. COMMITMENTS, CONTINGENCIES AND LITIGATION (CONTINUED) 
 
In continuation to this letter, EMO allocating the total amount of Euro 96.6 mil. in seven monthly installments starting
from August 2013, sent to PPC the related briefing notes amounting to Euro 13.8 mil., each. PPC considered that EMO's
alleged claim violates fundamental principles of law, while simultaneously neither the amount nor the reasons for this
claim are substantiated. In addition, the relevant RAE Decision was contested in court. In particular, PPC had already
filed an application for annulment of RAE's Decision 285/2013, before the Council of State, as well as, an action for
suspension of such Decision, until a final judgment is issued by the Council of State. The hearing for the application for
the annulment took place on March 18, 2014. In the meantime, the Council of State had issued an interim Decision (n.
62/2014), which suspended the payment of 50% of the amount of Euro 96.6 mil., which is attributable to PPC. 
 
At the same time, EMO had filed a lawsuit in the Multimember Court of First Instance for an amount of Euro 55 mil. which is
the equivalent of 4 equal installments out of the total amount of Euro 96.6 mil. The hearing of this lawsuit has been
scheduled after postponement for 07.06.2017, when it was canceled on EMO's initiative. And this, given that in the middle
of the litigation lawsuit, the State Council's Decision 1761/2016 cleared the legal challenge of the validity of RAE's
Decision 285/2013 which constituted the legal basis of the dispute in the Court of First Instance. 
 
PPC, following the State Council's interim decision, has recognized in its books since 2014 a provision of 50% of the
amount of Euro 96.6 mil. due to the uncertainty of the recoverability of this amount in the future. In September 2016,
PPC's application for annulment was rejected by the State Council (Section D', decision 1761/2016). As a consequence, PPC
recognized the remaining 50% of the above amount in the results for the six month period ended 30.06.2016. 
 
Following the above decision of the State Council, EMO in November 2016 sent an "Information Note on the allocation of the
monthly deficits of the Day Ahead Schedule ( DAS )", which informed PPC regarding the final settlement of these deficits
according to Article 61 of the Power Exchange Code for Electricity at the expense of load representatives (suppliers of
Electricity) and the allocation methodology. According to the final statement the amount allocated to PPC amounts to Euro
126.3 million. As a result, PPC recognized, without prejudice to its legal rights, the residual amount of Euro 29.7 mil. in
the results of the Third quarter 2016. 
 
In addition and following the above mentioned EMO's Information Notes from November 2016, the PPC's BoD under its decision
146/21.12.2016, decided among other things to approve the payment of Euro 71,766,679.78, in twelve (12) equal monthly
interest-free installments to the conventional Producers  starting from 1.1.2017,  regarding the deficits of the Day Ahead
Schedule ( DAS), due to default of financial obligations by third party suppliers during 2011 and 2012, according to
Article 61 of the Power Exchange Code for Electricity, under the condition of signing of an agreement with all the parties
involved. 
 
However, EMO on 23.12.2016 filed a lawsuit against PPC and asks approximately the amount of Euro 78 mil., plus interest,
which according to EMO is the residual amount that PPC owes as a registered Load Representative from the DAS settlement and
the State Council's decision 1761/2016, including and the amounts of Euro 746 and Euro 16,7 that PPC owes to EMO as Last
Resort Supplier and as Universal Service Supplier.  The above mentioned lawsuit was filed in accordance with the new
provisions of the Code of Civil Procedure, therefore, it has not a court date with a last deadline of proposals' submission
on April 7, 2017. The hearing is determined by the President of the Court after that date. 
 
PPC filed an opposite lawsuit against EMO and the above mentioned lawsuit, with EMO's application on 20.02.2017, which will
be heard together with the above mentioned EMO's lawsuit on 09.11.2017. 
 
In addition, the company "ELPEDISON" by two lawsuits requests EMO to be ordered to pay to "ELPEDISON" an amount of Euro
89.4 mil. (with interest), stemming from its participation to DAS. The lawsuits are founded to RAE's Decision 285/2013,
according to its second part, which forbids the practice of offsetting claims from the participating in DAS with claims
from other causes. Specifically, it claims that EMO's negligence to demand from PPC to stop the practice of offsetting
amounts not pertaining to the DAS market leaded to EMO's inability to timely pay ELPEDISON which is why it claims the above
mentioned amounts from EMO. The lawsuits were scheduled to be heard in the Multimember Court of Piraeus on 25.05.2016. 
 
EMO asked PPC to participate in the above mentioned trial (where the two lawsuits will be heard together) as a procedural
guarantor asking with an incidental request that PPC is reprobated to pay the above mentioned sums (according to PPC's
share of the electricity supply market energy) in case of an adverse decision. The notice of EMO against PPC for the
latter's participation in the trial of Elpedison against EMO was going to be heard together with the main trial at the
hearing of 25.5.2016. The additional independent intervention which PPC brought into trial hearing on 30.03.2016 was
postponed, but it was likely to be heard for relevant reasons together with the above mentioned main trial and notice of
the EMO on 25.5.2016. The above mentioned cases were postponed on the initiative of Elpedison, which is the first
applicant, and upon consent of EMO and PPC. 
 
13. COMMITMENTS, CONTINGENCIES AND LITIGATION (CONTINUED) 
 
The companies "HERON II THERMAL POWER PLANT VIOTIAS S.A." and "PROTERGIA THERMAL POWER PLANT AGIOY NIKOLAOY S.A.", by
similar lawsuits request EMO to be ordered to pay to them the amounts of Euro 14.3 mil. and Euro 3.8 mil. respectively
stemming from their participation to DAS. EMO asks PPC to participate in the trials as a procedural guarantor asking with
an incidental request that PPC is reprobated to pay the above mentioned sums (according to PPC's share of the electricity
supply market energy) in case of an adverse decision. 
 
The main applicant PROTERGIA THERMAL POWER PLANT AGIOY NIKOLAOY S.A. resigned from its main lawsuit in December 2016, and
EMO with its e-mail on 20.03.2017, informed PPC that its notice against PPC will be postponed and will not be discussed at
the court date 28.04.2017 since it is pointless after the dismissal of the main trial. 
 
Similarly, HERON II with e-mail on 20.03.2017 informed the other litigants (EMO and PPC) that does not intend to discuss on
03.05.2017 its main lawsuit as well as to submit proposals, thus both the main lawsuit and the related notice of EMO were
postponed upon a relevant consensus of all litigants. 
 
In summary, all the aforementioned related trials (lawsuits HERON II , PROTERGIA and EMO's notices) were dismissed. 
 
Offsets of Photovoltaic Systems Producers in buildings 
 
Moreover, the above mentioned Decision 285/2013 of RAE which does not permit the netting of amounts that PPC owes to EMO
based on DAS settlement, including energy generated by PVs on rooftops, with the amounts that PPC is contractually required
to pay directly to the generators in question, based on the feed - in tariff, leads to delays in recovering the latter
amounts from EMO. Non implementation of an offset does not impact financial results but will have a negative effect on cash
flows, due to the increased working capital needs, since PPC is obliged to await payments in cash from EMO through the
relevant special RES account. The issue in question concerns monthly amounts of Euro 16.5 mil. on average and the total
amount to be recovered could reach approximately Euro 80 mil. based on an estimated five-month waiting period. EMO has
already filed both a claim and an application for interim measures before the Court of First Instance of Athens against
PPC. On the application for interim measures Decision 6022/2014 of the Multimember First Instance Court of Athens was
issued, ordering a temporary injunction on offsetting amounts due from DAS with amounts claimed from other causes at a rate
of 50% of the amounts claimed. Following the issuance of  the decision 1761/2016 (State Council Section D') and hence the
confirmation of the legality of RAE 285/2013, PPC can no longer offset amounts raised from its status as a Producer and
Supplier simultaneously, in relation to the energy produced by Photovoltaic Systems in buildings. In view of this, the
lawsuit filed by EMO and was pending for the hearing date 12.01.2017, with a request to recognize the non-existence PPC's
right to proceed in offsettings, was postponed on EMO's initiative. Respectively, with the same lawsuit, an additional
intervention of SPEF in favor of EMO was postponed, which was set to be discussed at the same hearing date. 
 
Corrective settlements of IPTO, concerning the Special Account of art. 143, of Law 4001/2011 
 
According to L.4152/2013, RES energy purchases in the Interconnected System are disbursed though the market operation, on
the higher amount of either their income from DAS and Imbalances settlements or the value of energy they inject to the
system multiplied by the weighted average variable cost of the conventional thermal power plants. This amendment started
being applied from 14.08.2013, when RAE's Decision 366/2013 was published in OG, amending the relevant articles of the
Power Exchange Code and specifying the methodology of calculations, with which the provision of law was implemented. In
October 2013, IPTO has sent to PPC S.A. corrective clearing statements for May, June, July and part of August of 2013,
totaling to an amount of Euro 48.2 mil., which derived from the retrospective application of the relevant methodology. The
PPC's lawsuit against IPTO for the invoices in question was accepted by the Multimember Court of First Instance in Athens 
(Decision  2260/2016) and is considered that PPC does not have to repay the total amount 54,4 of invoices issued which
incorporate claim for the weighted average variable cost of the conventional thermal power plants for months May to August
2013. 
 
13. COMMITMENTS, CONTINGENCIES AND LITIGATION (CONTINUED) 
 
13.3     ENVIRONMENTAL OBLIGATIONS 
 
1.      HPP Messochora (161.6 MW) 
 
According to Law 3481/2006, the environmental terms for the construction and operation of the projects of the Acheloos
River Diversion Scheme to Thessaly, in which Messochora HPP is included, were approved and their fulfilment was a
prerequisite for the implementation of the projects and for which responsibility lies with the administrator, responsible
for construction and operation of the respective projects. Following the publication of the Law for Public Projects, as
well as PPC's projects that have been auctioned and constructed or were underconstruction and were related to projects of
the Acheloos River Diversion Scheme to Thessaly as well as energy projects were allowed to operate or be completed,
according to the approved Administration Plan and the above-mentioned environmental terms. 
 
Based on the above-mentioned terms the continuation of the project was allowed for the completion and operation of
Messochora HPP as well as the completion of the construction project of the tunnel, which have already been completed and
finally delivered by 17.06.2010. After the publication of Law 3734/2009, matters concerning the Messochora Hydroelectric
Project were arranged. These matters concerned expropriation of areas in the Messochora HEP Reservoir, expropriation of the
Messochora Village and of the areas where it will be relocated, as well as arranging compensations for the affected
inhabitants. All the above mentioned expropriations are declared of great importance in the public's interest and their
settlement will allow the completion of the Project and the operation of the Messochora Power Plant. 
 
Following ruling No 141/2010 by the competent Suspension Committee of the Council of State, the immediate cease of all
works has been ordered at all relevant projects, as well as the cease of operation of all completed projects. Regarding the
projects of the Acheloos River Diversion Scheme to Thessaly, the Decision (11.09.2012) of the European Court of Justice was
notified, to which relevant preliminary questions had been addressed by the Council of State referring to the compatibility
of the provisions of Law 3481/2006 with the European legal framework. The Council of State by its Decision 26/2014 decided
to annul the 567/14.09.2006 letter by EYDE/OSYE, by which and according to the Court's Decision 3053/2009, it has been
allowed, under the provisions of L. 3481/2006, and the approved environmental terms, the continuation of the diversion
scheme in total. The above mentioned decision by the Council of State resulted to the inability to continue, complete and
operate HPP Messochora. 
 
PPC S.A., considering that the Hydroelectric Plant of Messochora is independent from the Acheloos River Diversion to
Thessaly Scheme and therefore it should not be affected from the abovementioned issues and examining the possibility to
disengage Messochora Power Plant from the overall Acheloos River Diversion Scheme, so that the Project can be dealt with as
an independent unit and have its own environmental terms, independently from the other Projects of the Diversion Scheme,
proceeded to the review and the updating of the Environmental Impact Assessment (EIA) for HPP Messochora. 
 
After the completion of the approval process and the publication, by the relevant OG (9.2014), of the Decisions for the
approval of Management Plans for River basins of the Western Sterea Hellas Water District and the Thessaly Water District
the EIA was completed and submitted to the Directory of Environmental Permits (DEP) of the Ministry of Environment, Energy
and Climate Change (now Ministry of Environment and Energy), which has proceeded to the procedures for the issuance of the
Joint Ministerial Decision regarding the Environmental Terms for the Project. 
 
DEP sent the EIA to competent bodies for consultation. The Thessaly Region and the Western Greece Water Directorate of
Decentralized Administration of Peloponnese, Western Greece and the Ionian Sea have delivered positive opinions on the
subject. 
 
Finally, the Joint Ministerial Decision regarding the Environmental Terms for HPP Messochora was signed on 04.08.2017,
therefore, the construction of the remaining works and the procedure for expropriation of the remaining land could proceed,
in order to make it possible to start the operation of the Project, which is estimated in the 1st half of 2020. 
 
On June 30, 2017 the aggregate expenditure amount for HPP Messochora amounted to Euro 281 mil., while an additional amount
of Euro 121 mil. is estimated to be required in order to complete the project. 
 
13. COMMITMENTS, CONTINGENCIES AND LITIGATION (CONTINUED) 
 
2.      Under IPPC (Integrated Pollution Prevention and Control) Directive, the Reference Document on Best Available
Techniques for Large Combustion Plants - BREF LCP (with a thermal capacity greater than 50 MW) was issued in July 2006. In
accordance with the European Directive 2001/80/EC, a pollutants emissions reduction plan for existing Large Combustion
Plants has been approved by the Parent Company's Board of Directors, was submitted to the authorities and has been
incorporated in the National Emissions Reduction Plan of Greece for the period 2008-2015, according to the provisions of
the aforementioned Directive. 
 
In December 2010, the new Directive (2010/75/ EU) was issued for industrial emissions (Industrial Emissions Directive -
IED), revising Directives IPPC and 2001/80/ EC, which is effective from 06.01.2011. Following the provisions of Article 32
of Directive 2010/75/EU, a Transitional National Emissions Reduction Plan (TNERP) for the period 2016-2020 was elaborated
and officially submitted by Greece to the EU at the end of 2012. The TNERP was approved by the EU on November 26, 2013. On
December 2013, PPC submitted to the Ministry of Environment and Energy an application for limited changes to the TNERP,
along with its declaration to use the limited life-time derogation (Article 33) for certain Power Plants. After the
approval from the Ministry of Environment and Energy the revised TNERP was resubmitted on March 18, 2014 by the Greek
authorities and was approved by the EU on July 07, 2014. The Joint Ministerial Decision for TNERP was issued in August 2015
(Nr. 34062/957/Å103/2015). Finally, according to the above, SES AgiosDimitrios, Meliti and Megalopolis A' and B' are
included in the TNERP, while SES Amyntaion and Kardia will use the limited life-time derogation. 
 
In 2011 began the process of revising the Reference Document on Best Available Techniques Manual for Large Combustion
Plants within the framework of Directive 2010/75/EU, and is coordinated by the EIPPCB (European IPPC Bureau). With the
European Commission's decision 2017/1442 on 31.07.2017, the Conclusions on Best Available Techniques for Large Combustion
Plants - BREF LCP were determined under Directive 2010/75/EU. The Decision was published in the Official Journal of the
European Union on August 17th 2017. Following the adoption, of the legally binding, conclusions of the revised Manual,
additional investments in PPC's major thermal stations may be required. 
 
3.     On November 28, 2015 Directive 2015/2193 of the European Parliament and the Council's of November 25th 2015 was
published in the Official Journal of the European Union, on the limitation of emissions of certain pollutants into the air
from Medium Combustion Units, regardless of the type of fuel used. As Medium Combustion Units, are defined units with a
rated thermal input equal to or greater than 1 MWth and less than 50 MWth. Pollutants in question are sulfur dioxide (SO2),
Nitrogen oxides (NOx) and dust, while rules for the monitoring of emissions of carbon monoxide (CO) are defined. Production
units of such a size, operate mainly in the islands (engines and turbines). Also, in many of PPC's SES, there are many G/S
and auxiliary boilers, but with limited operating time. The provisions of the new Directive should be thoroughly examined
by the competent services of PPC, so as together with the competent Greek authorities to timely promote the appropriate
strategies for the electrification of the islands with technically and economically viable solutions which should also be
promptly implemented, and in any case before the expiry of the deadline laid down by the Directive. Indicatively, major
projects such as the islands' interconnection, should be planned and implemented in such a way as to fully cover the needs
of all islands in electricity, while any remaining production units will be used as a backup solution and will be operating
only in an emergency, not exceeding  500 hours of operation per year. 
 
4.     The extent of land contamination has to be assessed for many of PPC's installations, following the provisions of
art. 22 of Directive 2010/75/EU. At present, there appears to be no requirement for large-scale remediation projects at
PPC's sites, and it is unlikely that this will be required at the mining areas or at the lignite-fired power stations for
the foreseeable future. Remediation, however, may be required, at some of the company's oil-fired power stations in the
future. In the context of decommissioning of the Unit Agios Georgios in Keratsini, a remediation study for the land and the
underground water in the Unit was submitted in November 2016 for approval from the Competent Authorities. The remediation
cost is estimated at Euro 213. 
 
5.     PPC has performed limited studies on the presence of asbestos-containing materials, at its premises. Upon submission
by PPC of a full environmental impact assessment study, the Ministry of Environment issued in May 2004 the environmental
permit for the construction and operation by PPC, in its premises in Ptolemaida area of an environmentally - controlled
Industrial Waste Management Area for the management and final disposal of asbestos containing construction materials,
formerly used for the plants of the Northern System. With the real estate transfer contract no. 37244 / 05.06.2015, which
is legally transcribed, PPC transferred full ownership of the Industrial Waste Management Area, located at the Kardia Mine
of the Western Macedonia Lignite Center, in DIADYMA S.A. From the date of signing the contract, DIADYMA S.A. is responsible
for the Area's management. 
 
13. COMMITMENTS, CONTINGENCIES AND LITIGATION (CONTINUED) 
 
6.     During the operation of the Transmission Lines, Substations and Hyperhigh Voltage Centers, there is no
electromagnetic radiation, but two separate fields, the magnetic and the electric field. At places where the public or the
Company's personnel might find themselves close to the above mentioned lines and substations, the values for those fields
are substantially less than the limits. Those limits were established by the International Commission on Non Ionizing
Radiation Protection (ICNIRP) in collaboration with the World Health Organization (WHO). The above mentioned limits have
also been adopted by the European Union as well as the Greek State. 
 
It must be noted though, that the limits stated in the above regulations for both fields do not constitute dangerous
values, but rather contain large safety factors, in order to cover for some vagueness due to the limited knowledge about
both the magnetic and electric fields' influence in order to fulfil the requirement for the prevention of any adverse
impacts. 
 
7.     The Environmental Permit for Klidi Mine is expected to be issued. 
 
8.     Furthermore the Parent Company's Mine Environmental Department has carried out all required procedures, for the
renewal of the Environmental Permit for Amyntaio and Megalopolis Mines. 
 
CO2 Emissions 
 
During March and May 2013, CO2 emission licenses have been issued for all 31 PPC installations, for the 3rd implementation
phase of the European Union Emissions Trading System (EU ETS phase III, from 1 January 2013 to 31 December 2020). On
November 2015 the license of the Lignite Centre of Western Macedonia thermal station was revoked due to its
decommissioning. On May 2017 the licenses of Ptolemaida and Agios Georgios thermal stations were revoked due to their
decommissioning, and as a result PPC's bound installations amount to twenty-eight (28). 
 
By the end of March 2017, the verification of the annual emissions reports of all 30 bound plants of PPC for 2016 by
accredited third party verifiers was completed successfully and the reports were promptly submitted to the Competent
Authority, according to the current legislation. The total verified emissions for 2016 amounted to 28.4 Mt CO2. 
 
Emission Allowances (CO2) 
 
According to the current European and National legislation, during the 3rd implementation phase of the EU ETS (period
2013-2020), PPC is not entitled to free allocation of emission allowances for its bound stations, with the exception of
allowances allocated for emissions corresponding to the generation of thermal power for district heating. 
 
In accordance with its verified CO2 emissions for 2016, the emission allowances that PPC for the period January 1st 2016 to
December 31st 2016 amounted to 28.4 Mt. During 2016, PPC has been allocated with about 72.8 thousand emission allowances
for district heating emissions. 
 
Based on provisional ex-post data, the CO2 emissions of the Parent Company's bound plants for the period 01.01.2017 -
30.06.2017 amount to 15.1 Mt. Moreover, according to updated forecasted data, the total CO2 emissions from 01.07.2017 up to
31.12.2017 are estimated at about 15.8 Mt. It should be noted that the emissions of 2017 will be considered final by the
end of March 2018, when the verification of the annual emissions reports (for the year 2017) by accredited third party
verifiers is completed. Consequently, the total CO2 emissions that PPC will have to deliver for the period 01.01.2017 -
31.12.2017 are estimated at 30.9 Mt. 
 
13.4        INVESTMENTS - COMMITMENTS 
 
A new Steam Electric unit 660 MW in Ptolemaida 
 
On 24.04.2015, the Installation License of the Project was issued by the Ministry of Reconstruction of Production,
Environment and Energy. On 01.07.2015 the Building Permit was issued and the first stage of the implementation of the
Convention was completed. On 24.11.2015 the Protocol for unhindered access to the Worksite was signed. 
 
PPC has already paid, in accordance with the conventional provisions, the two advance payments of 197.88 mil. each against
relevant Letters of Guarantee of Advance Payment amounting to Euro 226.77 mil. each. 
 
Currently, the submission of studies and plans for the completion of the industrialization of the various parts of the
Project as well as for the construction of civil engineer works are underway. 
 
At the same time civil engineer works and the industrialization of the equipment are in progress while the gradual arrival
of the equipment at the Project site and the erection of the metal structure of the boiler's main scaffold have already
begun. 
 
13. COMMITMENTS, CONTINGENCIES AND LITIGATION (CONTINUED) 
 
On 05.04.2017, following the relevant decision of the Board of Directors of the Company, the Supplement No 1 of the
Convention 11 09 5052 of Thermal Projects Engineering - Construction Department was issued. With this Supplement, the
Conventional Table of Materials and Prices was replaced with a new Table of Materials and Prices which includes a further
analysis of the prices in accordance with a relevant conventional term. 
 
On 30.06.2017 the total expenditure for the Project amounted to Euro 605 mil. 
 
A new diesel engine Power Plant 115,4ÌW in South Rhodos burning of heavy fuel oil with low sulphur content 
 
Civil engineer works as well as the installation works of the machines and other electrical equipment are in progress. 
 
From 18.10.2016, the installation works of coastal installations networks, which were interrupted in the summer 2016 due to
the provisions of EIA (Environmental Impact Assessment) were restarted, and the installation on land of the oil pipeline
from the Station to the coastal installations as well as the immersion of the subsea oil pipeline were completed. 
 
The construction works of the coastal installations were completed. 
 
The trial operation of the units is expected to start at the end of 2017 and they will be gradually put into normal
operation early 2018. 
 
On 30.06.2017 the total expenditure for the project amounts to Euro 160 mil. 
 
Á new combined cycle unit at Megalopolis 811ÌW 
 
The Unit was conventionally put into commercial operation on 27.01.2016. Performance tests of the Unit have already been
executed and the evaluation report for the said tests was submitted by the Third Party. Moreover, the compliance tests of
the Unit with the Management Code of the Greek Transmission System were executed. The Temporary Acceptance Procedure of the
Unit is in progress. 
 
On 30.06.2017 the total expenditure for the Project amounted to Euro 515 mil. 
 
13.5     PPC RENEWABLES (PPCR) 
 
Hybrid Project in Ikaria 
 
The project of a 6.85 MW total capacity combines the utilization of two renewable energy sources, Wind and Hydroelectric.
Until today, material supplies and works have been completed at a rate of about 85%. The completion of the project delayed
significantly due to contractual disputes with the contractor and excess of budget. At this stage, works are restarted in
order the wind park and SHPP Proespera to be in operation at the end of 2017. The total project will be completed at the
beginning of 2019. 
 
Research, Development and Exploitation Rights of the geothermal fields 
 
The Company has leased from the Greek State the geothermal Research and Management rights of 4 non-investigated public
mining sites: a) Milos-Kimolos-Polyagos, b) Nisyros, c) Lesvos and d) Methana. 
 
While maintaining the exclusive Research and Management rights, the Company seeks a Partner to co-exploit the geothermal
areas for power generation. For this purpose, following a tender, the Company has commissioned a consortium of Financial
and Technical Services Consultants to prepare and carry out the Partner Finding and Selection process, aiming at the
construction and operation of the geothermic power stations, in the aforementioned 4 leased areas. 
 
On 10/6/2017 the "Call for Expressions of Interest for the Selection of a Partner in the field of geothermal power
generation (installation of geothermal power plants)" was published. The deadline for submitting expression of interest
expired on 04/08/2017. Those selected at the first phase, will be invited to submit Binding Tenders, at a second phase.
According to our planning, the final selection of the Partner is expected to be completed by December 2017. 
 
Biomass project 
 
The Company has accelerated the process for the project "Installation and Operation of Biomass Combustion Plant for the
production of electrical and thermal energy" in Amyntaio, Florina. For this purpose, in collaboration with the European
Bank for Reconstruction and Development (EBRD), a study entitled "Technical Review and Project Preparation for a Biomass
CHP Plant", is being prepared, with the following deliverables: 
 
- Assessment of the availability of raw material. 
 
- Investigation of the suitability of alternative technologies. 
 
- Financial analysis of the project and preparation of the procedures. 
 
The study is scheduled to be completed by the end of August 2017. Subsequently, the Company intends to launch a tender for
the selection of a Partner for the joint implementation of the project. 
 
13. COMMITMENTS, CONTINGENCIES AND LITIGATION (CONTINUED) 
 
Repowering of SHPP Louros 
 
The public tender concerning the assignment of the project for the modernization and renovation of SHHP LOUROS (8.7 MW) was
completed with the award of the Contractor. On 28.04.2017 the construction contract was signed with the partner companies
«ÁÂÂ S.A.» and «ÅÌÅÊ S.A.». The reconstruction works were started and the project will be delivered in 22 months. 
 
Repowering of 11 Wind Parks in the Aegean and of the Wind Park of Toplou Monastery 
 
On 23.12.2016, PPC Renewables S.A. issued two International Public Tenders concerning the assignment of the following
projects: a) Design, Procurement, Transport, Installation and Operation, of Eleven (11) Wind Parks in Aegean Sea of 24.30
MW total capacity, with a budgeted cost of Euro 29.34 mil. and b) Design, Procurement, Transport, Installation and
Operation  of one (1) Wind Park in Moni Toplou in Crete of 7.50 MW total capacity, with a budgeted cost of Euro 9.18 mil. 
 
The above mentioned open Tenders 0061/16/5300 and 0062/16/5300 have been declared unsuccessful, as there was no offer for
these Tenders until the expiration of the submission deadline on 02.03.2017 and 03.03.2017, respectively. 
 
PPC Renewables S.A. plans to reissue the International Public Tenders for the construction of the above mentioned Wind
Parks. However this time, there should be separate tenders for the Supply of the Wind Turbines and for the implementation
of Civil and Electrical Engineering projects, instead of Turn-Key Tenders for the construction of the Wind Parks, according
to last Tenders. 
 
Statute Amendment - Expanding Activities 
 
PPC RENEWABLES S.A. decided to extend its activities and to expand in foreign markets. For this purpose, the Company's
statute was amended by decision of the General Meeting of 06.06.2017, in order to include the additional activities a)
supply, installation, commissioning and technical support of energy systems, b) provision of energy services to consumers'
installations with energy efficiency contracts and provision of energy-saving services, c) waste management and d)
treatment of seawater or brackish water for desalination, the trade of drinking water or irrigation. 
 
Partnerships - Financing of activities 
 
PPC RENEWABLES S.A. is available for business partnerships with investors - strategic partners in order to implement its
investment program. The Company is also examining funding opportunities for the repowering of existing projects or new
projects by commercial banks, the European Investment Bank, the European Bank for Reconstruction and Development or other
international organizations. 
 
In this context, on 23.08.2017 a memorandum of cooperation was signed, between PPCR and the Chinese SUMEC Group, for the
development of RES projects in Greece and neighboring countries, as well as for the provision of energy services and in
particular energy saving, a field in which SUMEC has extensive experience. 
 
13.6     BUSINESS COLLABORATION 
 
Memorandum of Cooperation between PPC and DEPA 
 
On 08.09.2016, PPC and DEPA signed a memorandum of cooperation according to which they will jointly explore the possibility
of cooperation in the supply of power generation units in the Non-Interconnected system with liquefied natural gas, and the
development of natural gas distribution systems in neighboring and / or remote areas that are not supplied by DEPA network,
as well as in providing combined energy products. Possible cooperation will be initially explored in Crete, Rhodes, Patra,
Lesvos and Samos, while it may expand to other areas. The two companies have set up Working Groups and have recruited a
specialized Consultant for the preparation of a Relevant Feasibility Study for the purpose of implementing the Memorandum
of Understanding 
 
Memorandum of Understanding between PPC and CMEC 
 
On 14.09.2016 PPC and Chinese company China Machinery Engineering Corporation (CMEC) signed a Memorandum of Understanding,
according to which CMEC will explore its interest in participating, along with PPC, in a company which will undertake the
construction and operation of the already licensed lignite plant Meliti II, the operation of the existing plant Meliti I,
as well as the development and exploitation of lignite mines in Meliti - Florina region. Planning of the company includes
the participation of other partners with mining activities in the area. Participation of each of the participants in the
company will be proportional to the value of the assets that will be contributed. The PPC-CMEC MoU will also depend on the
disinvested PPC's portfolio of power generating stations (Decision 57/2017 of the Government's Council for Economic
Policy), which will be finally agreed between the Government and the European Commission. 
 
13. COMMITMENTS, CONTINGENCIES AND LITIGATION (CONTINUED) 
 
Moreover, on October 24th 2016 PPC and CMEC signed a Strategic Cooperation Agreement, under which the two companies will
examine in the future their cooperation for investing in Greece and other countries of interest. In the period 16-19 Jan.
2017 a group of CMEC experts visited Meliti Plant and the Mines which feed it, for data collection and talks with the
respective PPC team. 
 
Recruitment of Strategy Advisor 
 
Within the second Quarter of 2017, the Parent Company's BoD decided to award to McKinsey & Company the support work on the
configuration of structural measures which are required for the further liberalization of electricity market and the
updating its Strategic and Business Plan. 
 
Project for the disposal of a segment of customer portfolio 
 
Law 4336/2015 provides the gradual reduction of PPC's retail market shares in order to reach a below 50% level in 2020. In
order to be achieved this share loss, PPC through NOME type of auctions will provide access to third parties on its
electricity generation in very low prices. 
 
The planned project involves the disposal of a segment of PPC's customer portfolio in third parties through an
International Tender. PPC's aim is to achieve a reduction of its market share by maintaining greater control over its
client mix, as well as preventing the adverse effect of NOME auctions on its profitability. 
 
Technical-economic and legal consultant have been hired in order to support PPC in designing and implementation of the
Tender and of the transaction. 
 
Collaboration framework with DEPA S.A. 
 
The conventional pending issues of years 2013-2016 between PPC and DEPA, which had been arisen from the unilateral
determination of the implementation of the new DESFA transportation tariffs by DEPA as far as the usage cost of borders'
entry points is concerned, as well as the pricing of natural gas purchases, were settled. 
 
Furthermore, it should be noted that an additional expenditure of Euro 24 mil. (including interest) occurred to PPC, due to
the revision (increase) of the natural gas supply price in the contract between DEPA - BOTAS for the years 2012-2015,
following a relevant decision of the International Court of Arbitration that settled the dispute between the two
aforementioned companies. This amount is payable to DEPA in twelve (12) equal monthly interest free installments, starting
from October 2016. The above mentioned expenditure burdened the results for the year 2016. 
 
Special Consumption Tax on Electricity 
 
In implementing the audit findings by the Audit Department of the Customs House regarding the special consumption tax on
electricity self-consumption by power plants, the Parent Company includes in its monthly special consumption tax returns
the related tax and pays it with recourse, while also resorting to the Administrative Courts. The Parent Company will
continue to pay with recourse, the relevant special consumption tax on self-consumed electricity until a final decision by
the court is issued. 
 
The Group and the Parent Company are subject to certain laws and regulations generally applicable to companies of the
broader public sector 
 
As long as the Hellenic Republic, as the major shareholder of PPC, holds 51% of its share capital, the Company shall, in
some respects, continue to be considered a public sector company in Greece. Therefore, its operations shall continue to be
subject to certain laws and regulations generally applicable to public sector, affecting thus specific procedures,
including but not limited to personnel salaries, maximum level of salaries, recruitments of employees, as well as the
procurement policies etc. 
 
The said laws and regulations, particularly within the framework of the current financial conjecture and the relevant
decisions of the Central Administration, which are not expected to be applicable to the Parent Company's current and future
competitors, may limit the Parent Company's operational flexibility and may also have significant negative impact on its
financial results, cash flow and on business risk management. 
 
It should be noted that the Group did not have for several years (till today) the ability to recruit experienced personnel
in the range of its business activities while, today's average personnel age is approaching 49 years. The Group's inability
to recruit specialized personnel negatively affects the ability of the new PPC Group to elaborate and implement its
strategy in the new competitive and financial environment, as well as to adequately staff basic supportive operations at
the level of new subsidiaries. Moreover, there is a risk of losing managers and experienced personnel to the competition
mainly because of restrictions on remuneration policies. The viability and development of PPC Group in the new business
environment notably depend on the ability to attract and maintain skilled and specialized personnel and executives. 
 
13. COMMITMENTS, CONTINGENCIES AND LITIGATION (CONTINUED) 
 
According to L. 3833/2010 and L. 4057/2012, concerning the recruiting of permanent staff an  approval of the
Interministerial Committee is necessary (AIC 33/2006), as well as an allocative act of the Minister of the Interiors and
Administrative Reorganization according to the 1:4 ratio (a recruitment for every four employees leaving) for the year 2017
and 1:3 ratio for the year 2018 of all the broader public sector bodies. By the above mentioned and introduced by law
hiring procedure, the Parent Company's recruitment needs are significantly hindered, creating critical lack of personnel
and managers and may have a negative impact on the implementation of the Groups' activity. 
 
14. SIGNIFICANT EVENTS 
 
LARCO Tariffs 
 
PPC's BoD by its decision Nr. 12/09.01.2017, raised the issue of LARCO's pricing, including the implementation of the
settlement of previous years' debts, to the Extraordinary General Shareholders Meeting (EGM) on January 12th 2017. The EGM
by its decision dated January 12th 2017 approved LARCO's pricing terms for the period 01.01.2016-31.12.2020 as well as the
settlement of its debts from electricity consumption for the period 01.07.2010-31.12.2016. Article 3(ii) of the Pricing
Terms provided that for securing PPC's future contractual claims, an amount of at least Euro 3 mil. from each of LARCO's
monthly electricity bill will be paid directly by the largest customers of LARCO, by virtue of the assignment of equal
claims of LARCO from them. Then and before signing the relevant contract, LARCO declared inability to abide by this term
and proposed the reformation of the term in question through a monthly pledge of at least Euro 3 mil. on its bank account.
As a result, the Board of Directors by its Decision Nr. 38 / 30.03.2017 approved and recommended to the General Meeting the
amendment in question. The EGM by its Decision dated 12.06.2017 approved the above mentioned amendment. 
 
It is noted that LARCO's General Shareholders' Meeting by its Decision on March 29th 2017, also approved the draft of the
above mentioned Supply Agreement in order for an Electricity Supply Agreement to be signed between the parties. Following
the approvals of the General Meetings of the two companies, the Electricity Supply Agreement was signed on June 21st 2017. 
 
Commercial policy and Management of overdue debts 
 
PPC, in order to manage the problem of overdue debts, proceeded in making decisions and implementing combining actions with
key objectives: 
 
•       Limiting the rate of increase of debts and protecting PPC from new doubtful receivables 
 
•       Improving the collectability and enhancing the liquidity 
 
•       Improving consistent customers' behavior through incentives and enhancing the sustainability of settlements 
 
•       Limiting those customers who do not pay constantly as well as customers with delinquent behavior (incidents of
electricity thefts, violation of the metering devices) 
 
More specifically: 
 
PPC provided a Settlement Program of thirty six (36) installments for all customers with a duration from 01.04.2016 to
10.01.2017. At the same time, the Rewarding Program "CONSISTENCY" was implemented since April 2016 with a discount of 10%
to the consistent business customers, while since July 2016 the discount increased to 15% with the Program expanding to
consistent residential customers. 
 
Taking into account the results of the above mentioned Programs, PPC provided in 2017 new Settlement Programs, focusing its
efforts on individual customer segments in combination with the amount of their debt. It also launched special Programs for
certain categories of customers namely the "Second Chance" Program for those customers who have not been able to meet their
debt settlement, as well as the Program for customers with debts up to Euro 500. 
 
Since there is a client portion with greatly reduced response, despite the flexible Program of 36 installments and the
incentives for consistency in paying bills and installments, the Company proceeded with a tender for the recruitment of a
consultant regarding the Company's collectability. We expect that this consultant will not propose horizontal solutions,
but measures and products based on international practices of individualized approach, which will be more effective for
both the Company and customers. The Company's aim is not only to improve liquidity, but to upgrade customer relationships,
a more meaningful communication with each customer individually, who will have a consultant next to him and not a simple
collector. 
 
14. SIGNIFICANT EVENTS (CONTINUED) 
 
At the same time PPC maintained the Rewarding Program "CONSISTENCY", while from the beginning of 2017 provides the Program
"Prepaid Account" in all large corporate customers with a discount of 6%, if they choose to prepay the total value of one
year bills. This program expanded to residential, business and agricultural customers from mid-June 2017. 
 
Landslide of Amyntaio Mine 
 
On June 10th 2017, a materials' landslide of a large scale occurred in Amyntaio Mine of the Western Macedonia Lignite
Center which included a large part of the mine excavation area. The landslide and the masses that shifted were about 80
million cubic meters resulting in severe damages to part of the mine's fixed equipment. 
 
In particular four of the six excavators were affected and part of the lignite conveyor equipment. One of the four affected
excavators is directly repairable at a low cost. 
 
The direct financial impacts are related to the damage occurred to the fixed equipment, the value of which has been
depreciated significantly. In any case, its replacement is not necessary given that the remaining equipment, combined with
contractors' equipment, if required, is sufficient to cover the needs of SES Amyntaio. 
 
The long-term impacts concern the part of the field that may not be fully exploitable, the value of which will be evaluated
after a drilling survey. In any case, the deposits of the 28 million tonnes remaining in the mine, are related to the
expansion of the operation of SES Amyntaio Units, following their relevant environmental upgrading for the decade
2021-2030. It is estimated that a significant part of the deposit will be recovered using the company's equipment and
contractors' equipment. 
 
For the operation of the Units as they are, under the known 17,500 hour limited operating regime, there is a sufficient
portion of the deposit that has not been affected by the landslide and its extraction will start before the beginning of
the winter season. It is noted that the deposit of the Amyntaio Mine before the landslide corresponded to 5-7% of PPC's
total deposits. Moreover, for the supply of SES Amyntaio, the exploitation of the adjacent Lakkias' deposit has already
begun by using contractors' equipment. 
 
The findings of landslide were completed and submitted by the professor's Committee of NTUA and AUTH and by the managers
and former managers of PPC. The main conclusions are that, the landslide was caused by a confluence of many factors and
that this is not a typical phenomenon, in the sense that it is not caused by common factors of Mines' landslides. The
findings are being studied by the PPC's services and detailed information and explanations for its conclusions will be
provided to the competent bodies. 
 
Finally with regard to the expropriation and relocation of the Anargyri Village the exact imprinting will be available
after the provided statutory actions and procedures. 
 
Lawsuit of EMO against HEDNO 
 
On June 19th 2017, HEDNO S.A. served a notice to PPC on EMO's lawsuit against HEDNO S.A. With this notice HEDNO S.A. asks
PPC S.A. to intervene in favor of HEDNO S.A. in the trial in which EMO claims from HEDNO S.A. debts from invoices. In
particular, EMO S.A. with its lawsuit claims amounts with interest from partially paid and unpaid invoices which
incorporate receivables from the RES Special Account in the Non Interconnected Islands (mainly debts from ETMEAR, PVs on
rooftops, RES Generation in the Non Interconnected Islands and balancing of the Special Account in the Non Interconnected
Islands). The claim from EMO's part amounts to approximately Euro 140 mil. while interest due for late payment amounts to
Euro 3.6 mil. PPC participated in this trial by submitting proposals on 11.9.2017. A decision is pending. 
 
15. SUBSEQUENT EVENTS 
 
Repayment of loans and new loans 
 
In August 2017, the Parent Company, drew from the European Investment Bank, the amount of Euro 30 mil., for the project
"Distribution VI" of a total financing line of Euro 415 mil., bearing the Greek Republic's guarantee. 
 
In September 2017, the Parent Company, drew an amount of Euro 168 mil. regarding a Bond Loan of an amount of Euro 739 mil.,
for financing part of the construction cost of the new Lignite Unit Ptolemaida V with a consortium of foreign banks
supported by the German Export Credit Insurance Organization ''Euler Hermes''. 
 
Memorandum of Cooperation between PPC and China Development Bank (CDB) 
 
In the context of the 82nd Thessaloniki International Fair and the Conference organized by PPC with subject "Investment
Opportunities in Southeastern Europe - Trends and Challenges in the Energy Sector», a Memorandum of Cooperation between PPC
and China Development Bank (CDB) was signed on September 9th. 
 
15. SUBSEQUENT EVENTS (CONTINUED) 
 
The Memorandum provides for the development of a strategic partnership between PPC and CDB to finance projects in the
energy sector in Greece and in the wider region, including the Balkans, Eastern Europe, Turkey and the Middle East. 
 
CDB is a development bank under the direct supervision of the Council of the State of China and is one of the largest
financial institutions in the world. 
 
Memorandum of Cooperation between PPC and the Chinese Company SHENHUA 
 
In the context of the 82nd Thessaloniki International Fair, a Memorandum of Cooperation between PPC and Shenhua Group
Corporation Limited of China was signed on September 10th 2017. The Memorandum of Cooperation provides for cooperation
between PPC and SHENHUA in various mutually beneficial sectors, including electricity generation and RES projects, research
and development, energy efficiency, natural gas infrastructure, etc., both in Greece and in the wider region including the
Balkans, Eastern Europe, Turkey and the Middle East. 
 
SHENHUA is one of the largest and most technologically advanced energy companies in China with activities ranging from coal
and energy, to railways, ports and shipping. 
 
16.       SEGMENT INFORMATION 
 
Sales and inter segment results are as follows: 
 
                                  Sales                      Net Profit 

- More to follow, for following part double click  ID:nRSZ8836Rg