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A. Siamisis: The energy crisis will not go away next month – We must have endurance and patience

By Harry Floudopoulos

The crisis we are experiencing will not go away next month, it is not only the Russian invasion, we must have endurance and patience and there must be proper management, said recently the CEO of ELPE A. Siamisis during his speech at the regular General Meeting of its shareholders group. He stressed the issue of price increases, noting that no matter what is done by companies, 90% of the price that reaches the consumer is related to product costs, or taxes. The margin and flexibility at the commercial level is less than 5% because the costs must be covered. The gas stations are suffering from the reduction of volumes and must be kept, Mr. Siamisis noted, adding that the possibility of intervention in the marketing sector is limited.

Nevertheless, the CEO of ELPE stated that for the group there was an increase in energy costs by 150 million euros that was not passed on to product prices.

He also referred to the electricity market, leaving indirect peaks for the taxation of production companies. According to Elpedison, both the private producers and by 2022 had not received a single euro dividend. The parameter of adequacy must be taken into account, we must think twice, when there is a constant persecution of companies that produce energy either in public discourse or in taxation, said Mr. Siamisis with meaning.

Mr. Siamisis stressed that 2021 was a special year during which the management of the covid crisis had to be continued and during which emphasis was placed on the safe and efficient operation of the refineries, the adoption of the new strategy, the development in the new activity of RES but also the ESG strategy. The year was positive in terms of profitability, 2021 was a difficult but positive year for the group and its companies.

The CEO of ELPE also announced the payment of an extraordinary dividend of 130 million euros equal to 50% of the revenues from the sale of DEPA Infrastructure (share of ELPE). It is noted that the General Meeting approved the payment of a total dividend of 0.4 euros per share, of which 0.3 euros has already been paid as an interim dividend and after the General Meeting an additional 0.1 euros will be paid.

Mr. Siamisis announced that at the end of July, beginning of August, a new Extraordinary General Meeting is expected to be convened to confirm and approve the new corporate identity of the group, which will be announced in the near future.

Finally, answering questions from the shareholders, the CEO of ELPE stated that in the coming weeks the decision for the construction of the new natural gas power plant in Thessaloniki is expected, adding that the discussion for the construction of FSRU is still premature. Regarding the hydrocarbon explorations, he stressed that in the next 1 to 2 months, developments are expected after the departure of Total.

It is noted that the General Assembly approved all the items on the agenda.

Source: Capital

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