The Mytilineos group, a key player in Greece’s energy market, intends to make three major moves in the energy sector, Evangelos Mytilineos, the group’s chief executive, told analysts and banking officials, in response to questions, during an annual briefing held yesterday.
Though the CEO did not elaborate, it is widely believed that one of these moves concerns an alternative plan for the environmental upgrade of Amynteo, a lignite unit excluded from main power utility PPC’s the bailout-required sale of lignite units. Local authorities have already submitted a lifespan extension request for Amynteo, in the country’s north.
It has already been reported that Mytilineos is among a number of industrial groups examining the prospect of investing in the upgrade of an ageing lignite-fired power plant currently operated by PPC.
Given the EU’s new environmental standards, the Greek power utility’s older lignite facilities will soon need to be withdrawn if they are not upgraded.
Mytilineos took part in the recent PPC market test staged by the European Commission for investor feedback and queries concerning the power utility’s bailout-required sale of lignite units.
Besides making clear his intentions to pursue plans in the energy market, Mytilineos told participants at yesterday’s briefing that all players, not just PPC, will need to proceed with significant investments if true market competition is to prevail.
Confirming forecasts, the Mytilineos group’s performance in 2017 exceeded expectations, the group’s chief executive informed. A turnover figure in excess of 1.5 billion euros is expected to be posted, the CEO noted, without offering a precise amount.
As for group subisidiary Aluminium of Greece, Mytilineos told analysts that an investment decision on a new unit will depend on the indications offered by related investment performance indices.
Commenting on the group’s METKA subsidiary, providing a complete range of Engineering-Procurement-Construction (EPC) services for energy and infrastructure projects, the chief executive said a new model placing emphasis on RES projects, especially in the photovoltaic sub-sector, would be pursued in the immediate future.