Mytilineos Group, a leading independent energy producer in Greece, expects its natural gas-fueled power stations to benefit from lower gas prices, which are making these electricity production units more competitive.
Dinos Benroubi, executive manager at the corporate group’s energy company Protergia, yesterday informed analysts that the current decline of natural gas prices has made gas-fueled power stations competitive against lignite-fired stations. In some cases, the thermal stations have become even more competitive than lignite-fired stations, Benroubi noted.
Traditionally, lignite-fired stations have stood as the lowest-cost option for electricity production in Greece.
The corporate group’s CEO Evangelos Mytilineos elaborated on the wider prospects amid current market conditions. Mytilineos noted current shifts in the Greek market were having a devastating impact, overall. However, the CEO underlined that the imposition of capital controls in Greece has not changed his group’s objectives and financial results to large degree as the Mytilineos Group is internationally positioned.
Commenting on group member Metka – a leading international EPC (Engineering-Procurement-Construction) contractor and industrial manufacturing group active within the energy, infrastructure and defense sectors – the group’s officials noted it is making satisfactory progress with regards to projects gained in sub-Saharan Africa. More details will be announced within the next few weeks, the officials noted.
As for aluminium prices in the international market, the group’s officials admitted these were under pressure, adding, however, that the strong US dollar is offering an advantage to aluminium producers not operating in the USA. The Mytilineos Group operates Aluminium of Greece. Lower oil and natural gas prices are also offering an advantage, the officials noted.
The drop in international aluminium prices has already led to production unit closures in various countries, including China, while these closures amount to a two million-ton decrease in overall production, Mytilineos officials noted. They expect the decrease in aluminium supply will eventually boost prices.