ANNOUNCEMENT
Following recent press articles referring to financing and liquidity issues of PPC, it is clarified that:
- PPC examines all possible funding sources and in this respect, it is also in discussions with the Loans and Consignment Fund.
- The agreement and disbursement of any new loan relates to the financing of Company’s operations and growth and does not relate to the repayment of existing debt.
- There is no issue of providing securities to the banks with which PPC is in negotiations for the refinancing of its 2012 debt maturities.
With respect to references made by the said press articles to the liquidity problems of the electricity market and the potential black-out risk, PPC has already underlined that:
- PCC has paid its dues to the Market Operator (LAGIE) and DEPA, and thus any liquidity problems faced by LAGIE and the electricity market in general, do not relate to PPC.
- PPC, to the extent possible and in proportion to its own contribution to the electricity market, has taken all necessary measures in order to cover the increased needs of the country’s Electricity System -including the islands – during the summer period.
Athens 12-6-2012