Athens, March 20, 2023
Announcement – Regulated Information
Public Power Corporation S.A. (“PPC”), following its announcement dated March 16, 2023 with respect to the Sustainability-Linked Bond Performance Report for the €775m Sustainability-Linked Senior Notes due in 2026, (“Notes”) announces that:
- The reduction of Scope 1 GHG emissions for the financial year 2022, in comparison to financial year 2019 stood at 36% compared to the 40% target set in the Notes, a performance which is exceptional in any case, especially amidst the energy crisis.
- The 4 percentage points divergence compared to the target is attributed to increased lignite fired generation in order to safeguard security of supply in the electricity system of Greece due to the energy crisis.
- As a result of the aforementioned divergence, an interest step-up of 50bps (0.5%) will apply on the Notes since March 30, 2023 and will be paid on the next coupon date on October 2, 2023, resulting in an annual financial impact of approximately €4m per year until the maturity date of the Notes.
- In any case, despite the temporary increase of lignite fired generation, PPC remains committed to its strategic goal to decarbonize and move to cleaner forms of energy.
The Sustainability-Linked Bond Performance Report is available on PPC’s website under the “Investor Relations” section