PUBLIC POWER CORPORATION SA
COMMUNICATIONS DEPARTMENT
PRESS RELEASE
According to a statement made by Mr. Ioannis Palaiokrassas, Chairman of the Board of Public Power Corporation SA and Mr Dimitris L. Maniatakis, Chief Executive Officer, the new Public Power Corporation SA tariffs, as approved by the Minister of Development, continue to be lower than respective tariffs in the rest of the 15 EU member-countries, and are significantly lower than the tariffs of other Mediterranean countries. Industry tariffs are also among the lowest.
Tariff readjustment will cover a part of charges that arose from fuel price increases and the application of the Kyoto Protocol for which the Corporation is obliged to pay great sums of money for the purchase of carbon dioxide emission rights.
The Corporation has already implemented cost-cutting, full staff utilization and productivity increase schemes, which aim at reinforcing the company's competitiveness in the liberalized electricity market, and will work harder on these schemes.
As part of improving its financial results, the Corporation will look into every possibility to implement new business models in order to ensure fuller property development for the purpose of creating added value and new sources of income.
Public Corporation SA has undertaken the project of streamlining its production resources. To this end, an investment program has been implemented which, apart from installing new units, will replace the old 1600MW units in the years to come.
This program, as well as more specific programs for island regions, will lead to a substantial decrease in carbon dioxide emissions as well as oil dependence.
Athens, August 22, 2005 FROM THE PRESS OFFICE