PPC – Mytilineos: Agreement on electricity contract in Aluminum of Greece closed

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.