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To minimize credit risk on cash reserves and cash equivalents; in financial derivate contracts; as well as other
short term financial products, the Group specifies certain limits to its exposure on each individual financial
institution and only engages in transactions with creditworthy financial institutions of high credit rating.
The tables below summarize the maturity profile of the Group’s financial assets as at 31.12.2013 and 31.12.2012
respectively:
Draft Law ‘ Arrangements for the reorganization of the special account referred to in article 40 of L. 2773/1999
and other provisions»
The draft law proposed arrangements in order to ensure the viability of the renewable energy sources (RES)
support mechanism, aimed at the consolidation of the special account referred to in article 40 of law 2773/1999.
In addition, the recommended settings are intended to help reduce the cost of electricity for final consumers and
the national economy. More specifically, the present draft law consists of three main axes: (a) price adjustment
to converge, as far as possible, the benefits from the RES support mechanism at around the same level for all
categories of producers, therefore being an adjustment that aims, as far as possible, on similar yields between
the several types of investment, b) investor protection taking into account existing financing agreements and c)
new tariffs to compensate producers of electricity from RES and through RES and high efficiency Cogeneration
Plants (HeCoGen), compatible with the requirements of the national electrical system, which will contribute to
reduction of energy costs while at the same time ensuring reasonable returns.
The said draft law was posted on 3 March 2014 and opened to public consultation which was concluded on
March 13, 2014.
In particular, Article 3 of the said draft law includes the following:
1. Within two (2) months from the entry into force of this law, the RES/HeCoGen producers shall issue a credit
note to provide discount:
a. 35%regarding energy fromphotovoltaic plants (except in cases of the «special programof development
of photovoltaic systems in buildings») and
b. 10% regarding energy from other RES and HeCoGens,
in both cases (a) and (b) calculated on the total value of energy sold in 2013.
2. On expiry of the period referred to in paragraph 1 and until issuance and delivery of the credit note
referred to in this paragraph, the obligation of LAGIE for the Interconnected System and DEDDIE for the
Non Interconnected System, to pay to RES and HeCoGens producers the price for the volume of electricity
