Mytilineos to divest from PPC for power supply at Aluminium of Greece

The Greek business magnate and the chairman of the board of directors of Mytilineos Holdings, Evangelos Mytilineos announced that the agreement of Mytilineos with the biggest electric power company in Greece, PPC for the new and last contract for the supply of electricity at Aluminum of Greece during the regular annual general meeting of the shareholders of the listed company.

The Chairman and CEO of the organization outlined that the agreement was satisfactory for both parties, marking down it will last until 2023 and highlighted that it will be the final in the 60 years of operation of the factory in Agios Nikolaos, Boeotia.

Evangelos Mytilineos said: “We are divesting from PPC, something we were afraid to do for years.”

He further added that post-2023 the plant will cover the electricity requirements from the new 826 MW gas unit as well as from bilateral contracts with photovoltaics.

“We will produce green aluminium and we will have cheaper energy,” said Mr Mytilineos.

The new unit will be ready for operation by the end of 2021, while is located just 500 meters from the Aluminum of Greece and will be connected by a powerline.

Mr Mytilineos applauded the standpoint of George Stassis, the CEO of PPC by commenting: “He is distinguished by realism and understands the needs of industry.”

Evangelos Mytilineos also made public the finalizing of a new agreement with metal giant Glencore.  He said: “This is a supply agreement worth $1.5 billion, according to which the Aluminum of Greece will supply with guaranteed prices of alumina and aluminium for four years.”

The announcement has also come from the CEO that in 2021, Mytilineos is implementing the largest investment program in Greece amounting to €600 million. 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.