ANNOUNCEMENT
PPC's Board of Directors at its meeting on November 13, 2007, decided to apply for generation licenses to the Regulator (RAE) and the Ministry of Development for the following generation plants:
It was also decided the relocation of the villages Pontokomi and Mavropigi so that the land with lignite deposits can be acquired by PPC.
PPC΄s Board of Directors decided today to initiate the procedures for the introduction of natural gas in the island of Crete following the agreed upon with DESFA S.A. (Hellenic Gas Transmission System Operator) development of an LNG terminal in Korakia and gas pipelines infrastructure.
PPC will build 2X250MW combined cycle units near the terminal and will transfer there 3 existing GTs from the Linoperamata Power Station.
The generating units of the Chania Power Station shall be converted to natural gas firing and a combined cycle unit will be built using two open cycle GTs of the Station.
The Linoperamata Power Station will be put out of operation by 2014 while upon completion of the gas pipelines to the Atherinolakos power plant by 2016 the units operating there will be converted also to natural gas firing.
For the supply of the power plants of the island with natural gas PPC's Board of Directors decided to examine all available options.
PPC΄s Board of Directors decided the elaboration of studies to investigate the feasibility of the restructuring of the Company and the continuation of the consultation based on the proposal of the Company and the employees' federation GFE/PPC & SEE (GENOP) and the studies, that will be completed within a period of 6 months.
This investment program, estimated at more than €4 billion, is the largest one ever approved.
Athens, November 13, 2007