The Mytilineos group is assembling a new energy management and trading division, described as a pioneering effort for Greece, in preparation for the forthcoming arrival of the target model.
The new division will be tasked with handling all the group’s electricity production and trading matters, as well as natural gas trading and import activities, the objective being to bring together all the aforementioned concerns under the one management system.
Much is expected of this initiative, Evangelos Mytilineos (home), the group’s chairman and CEO, told analysts during a presentation of company first-half results.
The energy supply market is not yet mature enough for further concentration, Mytilineos noted, making clear his corporation is prepared for this prospect.
He attributed favorable results in the energy sector to low natural gas prices, forecasting a correction in the second half.
The Mytilineos group aims to have captured a 10 percent share of the retail energy market by the end of 2020, its head official noted.
The group has also set elevated RES goals and is aiming for 300 MW of operational wind energy farms and several more hundred MW at various stages of development by the end of 2021, Mytilineos informed.
Negotiations with power utility PPC for new electricity tariffs concerning aluminium producer Aluminium of Greece, a Mytilineos group member, are in progress, he added.
The cost of industrial electricity tariffs is a crucially important issue for the government and power utility PPC.
Mytilineos said he expects metal prices to rebound in the second half of this year, noting the group is not exposed to any price fluctuations for the remainder in 2020 as a result of hedging.
The group’s financial results for 2020 will be close to record levels posted for 2019, analysts were informed.
First-half results have taken the group a step closer to its objectives for the year, while, barring unexpected developments, last year’s dividend level will be maintained, the CEO added.