Mr GEORGANTONIS – DOING BUSINESS IN ENERGY CONFERENCE

Mr. Georgantonis started his speech describing the political dimensions of energy sector.

Afterwards, Mr. Georgantonis referred to the deregulation of electricity sector from 1999 until today. The forecasts in the beginning of 2000 shown a potential increase in electricity demand for 3 to 5 % per year which meant that every year a new power plant of capacity approx. 400MW required in order to cover this demand.

The Private Energy Companies built Power Plants of approx. 2500 MW during last decade, investments of over 1.5 billion euro.

The crisis which came at 2009 in Greece change drastically the energy consumption which dropped from + 3-5% per year to -20% between 2010 and 2011.

PPC today dominate the electricity market with a position of over 80% in installed capacity and over 99% in electricity supply.

A number of serious issues are begging for urgent attention today in electricity sector, notably those of financial liquidity, privatizations and tariffs.

The country’s central grid operator (ADMIE), which has to pay suppliers, is also cash-strapped and expects a €350 million loan from the Loan and Deposits Fund.