BUSINESS

Aluminium of Greece to leave PPC

aluminium-of-greece-to-leave-ppc

Aluminium of Greece, the country’s leader in this sector, will as of 2023 cease to depending of Public Power Corporation for its energy supply, owner Evangelos Mytilineos announced on Tuesday during the listed company’s annual general shareholders meeting.

He said AoG is in the next few days set to confirm the new and final electricity supply contract with PPC in its 60 years of operation. This is thanks to the aluminum company’s option to get its energy needs covered by the new natural gas-fired unit currently under construction near the AoG plant, and from the renewable energy source facilities the company is creating. The gas plant’s capacity will be able to cover three times AoG’s needs.

Mytilineos estimated that Aluminium of Greece, by far the country’s biggest power consumer, will particularly bolster the role of the Mytilineos group’s energy arm in the new market of power purchase agreements (PPAs) opening up.

The group’s head also announced the signing of a new, 10-year deal with mining giant Glencore, worth $1.5 billion, for Aluminium of Greece to supply the British-Swiss company with alumina and aluminum at fixed prices for the next four years.

AoG will also implement a 600-million-euro investment plan this year.