Evangelos Mytilineos announced the agreement of Mytilineos with PPC for the new and last contract for the supply of electricity at the Aluminum plant of Greece during the regular annual general meeting of the shareholders of the listed company.
The president and CEO described the agreement as satisfactory for both parties, noting that it will last until 2023 and underlined that it will be the last in the 60 years of operation of the factory in Agios Nikolaos, Boeotia.
“We are divesting from PPC, something we were afraid to do for years”, he noted characteristically to announce that after 2023 the plant will cover the electricity needs from the new 826 MW gas unit as well as from bilateral contracts with photovoltaics. “We will green aluminum [production] and we will have cheaper energy,” said Mr. Mytilineos.
As he said, the new unit that will be ready for operation at the end of the year is located just 500 meters from the Aluminum Factory of Greece and will be connected by a powerline.
He himself praised the attitude of the president and CEO of PPC George Stassis, saying that he is distinguished by realism and understands the needs of industry.
Agreement with Glencore
Evangelos Mytilineos also announced the reaching of a new agreement, lasting ten years with the metallurgical giant of Glencore. As he said, this is a supply agreement worth 1.5 billion dollars, according to which the Aluminum of Greece will supply with guaranteed prices of alumina and aluminum for four years.
The largest investment program
The president and CEO of the listed company also announced that Mytilineos is implementing for 2021 the largest investment program in Greece amounting to 600 million euros.
He also announced that the construction of the first photovoltaics from the 1.48 GW acquired by the Egnatia Group will begin this summer. This is 140 MW from the first package of 572 MW.
Doubling sizes
Mr. Mytilineos, moreover, estimated that the next years and especially after 2022 will be years of doubling the size of the listed company.
As he said, in 2022 the company’s profitability will double, while for 2021 it will be a much better year compared to 2020.
Latest News
BoG Figures Confirm Banner Year for Greek Tourism in 2023
20.6 billion euros in related revenues topped the previous year’s figure by 16.5%
Piraeus Bank to Propose First Dividend in 16 Years
Piraeus Bank has forecast profits of roughly 900 million euros this year, rising to one billion euros next year
Eurostat: Inflation in Greece Eases to 3.2% in April; 2.4% in Eurozone
The rate of increase for food prices was up by 4.9% in April 2024, compared to 4.8% in the previous month
ELSTAT Feb. Retail Turnover Drops by 3.8%, Sales Volume Plummets by 9.8%
Additionally, the seasonally adjusted General Volume Index for Feb. 2024 experienced a 3.8% decrease compared to the previous month of the same year
Greek Buyers Lead Return to Vacation Home Market
In the last six months, Greeks have made a surge into the vacation home market, notably without relying on loans
NBG Receives BBB Investment Grade by DBRS
This makes NBG the first Greek bank to regain Investment grade status, nearly 15 years after the onset of the Greek financial crisis
Greek Gov. Budget: Primary Surplus 3bln in Q1 2024
Value Added Tax (VAT) revenues reached 5.876 billion euros, down by 16 million euros compared to the target
Athens’ Public Transport System Gets Green “Facelift”
The future of urban transport in Greece's capital city includes electrification, hydrogen, kinetic energy and even heighted security and monitoring through the use of drones
Athens Int’l Airport: 16.2% EBITDA Increase and 16.5% Passenger Growth in Q1 2024
Following the strong performance in the first quarter, the company revised its annual passenger traffic forecast for 2024 to 29.9 million passengers, a 6.3% increase (or roughly 1.8 million passengers) from 2023 levels.
Oxford Economics Report: Greek Economy is Just Below Risk Zone
However, the report points to a persistent challenge in the form of commercial credit risk, which remains high at 8 out of 10, ranking Greece 104th internationally