130
Regarding the amount corresponding with the provisions which had been initially entered in the books about
the value of the electric power consumed by ALUMINIUM S.A during the period of 1/7/2010- 31/12/2011 , the
sum amounted to € 197,69 million, out of which € 63 million pertained to the period 1/7- 31/ 12/ 2010, and €
134, 69 million to the period of 1/1- 31/ 12/ 2011. In what concerns this period, PPC demonstrated an inconsis-
tent behaviour since, on one hand it went on sending the cancelled A150 invoice, as it had remained in effect up
until 30-6-2008 ,compounded with a 10% increment , and on the other hand it sent monthly statements (bills)
containing an estimate of the value of the electric energy consumed and the remaining charges based on the 4/
8 /2010 draft contract, which was sent to RAE on 16-12- 2010 for inspection (henceforth to be called the ‘draft
contract’ or the ‘terms for power supply from PPC to ALUMINIUM S.A’), which had been agreed on and put
into effect on 1/7/2010. Therefore PPC, within the framework of the above draft contract, had sent electricity
bills for the afore-mentioned period amounting to a total of € 234, 07 million (€ 64,8 million for the period of
1/7- 31/12/ 2010 and € 169,23 million for the period of 1/1- 31/12/ 2011) out of which a sum of € 193, 66 million
pertained to the price of the electric energy actually consumed and the sum of € 40, 41 million regarded other
charges, for which there exists a written disagreement made between the two parties from the very beginning;
this disagreement , together with other issues of disagreement regarding the proposed terms of electricity
supply had also been submitted to RAE as mentioned above. The difference between the liabilities and charges
provisions of ALUMINIUM S.A and the actual PPC S.A. bills for the period of 1/7/2010- 31/12/ 2011 amounted
to the sum of €36, 38 million.
Due to the delay in the decision to be made by the arbitration , ALUMINIUM S.A appealed to RAE on 15.3.2012
by virtue of the complaint filed on 12.3.2012 , asking for the implementation of temporary measures for the
temporary determination of a pricing framework governing the supply of electric power to ALUMINIUM S.A.
On 16. 5. 2012 the Regulatory Authority of Energy served to the ALUMINIUM S.A subsidiary the 346/2012 deci-
sion on the complaint it had filed, based on which, and in accordance with general pricing principles, it deter-
mined as temporary the price of 42 €/MWh, plus the extra charges provided for Public Utility Services (PUS)
, Renewable Energy Sources (RES) charge, use of transport system and other taxes. The application of the
above temporary price , based on the RAE decision rationale, will regard the total number of working hours of
ALUMULIUM S.A, taking into account the single zone tariff rates throughout the day, which are dictated by the
company consumption profile.
Based on all the above, the management of the Aluminium S.A subsidiary company , taking the afore-men-
tioned price determined by the independent competent authority (RAE) in its 346/2012 decision as a mea-
sure of optimum calculation, re-calculated accordingly its liabilities towards PPC S.A. for the period spanning
1/7/2010 to 31/12/2012.
From this re-calculation there occurred a reduction of its overall liabilities to PPC S.A. by € 22 million, which
can be analysed as follows:
• € 9, 87 million for the period of 6/2010- 12/ 2010
• € 12, 1 million for the year of 2011
