Financial Report (January 1, 2010 - December 31, 2010)

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After this outcome basic technical and commercial parameters of the Project are re-examined in order this to beannounced again.Hydroelectric UnitsMessochora HEP• Following the ruling No 141/2010 by the competent Suspension Committee of the Council of State, the immediatecease of all works has been ordered at all relevant projects, as well as the cease of operation of all completed projects,until the final judgment is issued by the Plenary of the Council of State.Further developments, namely the final judgment, will be issued by the Plenary of the Council of State after taking intoconsideration the ruling of the European Court of Justice in relevant preliminary questions, already addressed to thisCourt, referring to the compatibility of the provisions of the Law 3481/2006 with the European legal framework.PPC considers that the Hydroelectric Plant of Messochora is independent from the Acheloos River Diversion toThessaly Scheme and therefore it should be not affected from the abovementioned issues. PPC examines thepossibility to disengage Messochora Power Plant from the overall Acheloos River Diversion Scheme, so that theProject can be faced as an independent unit and have its own environmental terms, i.e. independently from the otherProjects of the Diversion Scheme. For this purpose, PPC waits for the completion of the Water Management Study,ordered by the Ministry of Environment and Climate Change, related to the compilation of the Water Management Planof the Catchment Areas in the water territories of the Western Central Greece and Thessaly, in which the CatchmentArea of the River Acheloos is included. These studies are expected to be completed in February 2012. Here after, theprocess for the issue of the WATER MANAGEMENT PLANS the ministry with follow, which taking into account thenecessary-provided by law- consultation period, is expected to be completed around may 2012.On December 31, 2010 the aggregate amount for HEP Mesochora is amounted to Euro 283.9 million, which accordingto the above is considered to be fully recoverable and is expected to require further Euro 127 million to complete theproject, estimated in 2014• Smokovo Small HEP (SHEP):The Protocol of putting Unit I into Commercial operation was signed in April, 2010. Operation tests are planed of Unit II,during the summer period (irrigation season), in order the Unit to be put into Commercial operation, also continued.• Metsovitiko HEP:Offers of the Bidders for Inquiry MTH-3 (Main Electromechanical Equipment) were submitted and are evaluated by theEvaluation Committee.At the same time an Inquiry for the remaining Civil Engineering Works, (not constructed in the frame of Contract MTH-2), is programmedAccording to IAS 36, the company has to review the recoverability of the total project cost, which on December 31,2010 amounts to € 37,1 m. Based on the impairmenttest results, the Parent Company made an impairment provisionof € 8 m which impacted 2010 financial results.• Ilarionas HEP:The execution of waterproofing works in Elati basin as well as those of reconstructing the roads flooded by Project’sreservoir is in progress. Concreting at all tunnels has been completed while grouting works at the tunnels continue. Atthe same time construction of Bridges and Roads’ parts has almost been completed as foreseen in the relevant Contract(ILH-4).Construction works of 2nd stage concrete structures and installation of output tubes’ gates in the Power Plant have beencompleted. Installation of spiral cases in Units I and II as well as installation and testing of Gantry type crane have, also,been completed.Non-Interconnected Islands (Crete, Rhodes, Other)• Diesel Units in Atherinolakkos Station, 95 -105 MW total installed capacity, € 135 m. budgeted price:Relevant Inquiry was announced in February 10, 2010 and the final offers submission date was July 21, 2010.There were four Offers submitted which were all typically accepted. Technical evaluation is in progress.• Two new Combined Cycle Units, 260 MW maximum Power each, to be constructed in the new Korakia Station:Imprinting of the space needed has been completed, by using aero photographs, and the file for an eventualexpropriation has been prepared.• New South Rhodes Station, 115.4 MW, consisting of seven similar G/S with four – stroke Diesel engines, and € 182.8m. budgeted price:Relevant Contract, with TERNA S.A., was signed in July, 2009. Project’s Common Ministerial Decision of EnvironmentalTerms Approval was issued in December 1, 2010.Project’s licensing procedure is in progress and works will begin soon after its completion.• Rhodes’ peak demand needs coverage during summer 2011:Until the New South Rhodes’ Station starts operating an inquiry process for purchasing and installing a new mobile GasTurbine Unit of 20 -25 MW generating capacity is in progress.Other Non Interconnected Islands:• Installation of approximately 19.73 MW of power generation capacity in Siros Autonomous Power Station (APS) (1 G/Sx 8.25 MW) and in Local Power Stations (LPS) of Patmos (4 G/S x 1.275 MW each), Sifnos (3 G/S x 1.275 MW each)and Simi (2 G/S x 1.275 MW each) has been completed.11
• Installation of approximately 22.80 MW of power generation capacity in the APSs of Samos (1 G/S x 8.25 MW),Κalimnos (1 G/S x 8.25 MW), Μykonos (1 G/S x 5.88 MW) and in the LPS of Megisti (2 G/S x 0.25 MW each) is inprogress.Environmental Management• Acting towards the improvement of the environmental behavior of its Power Generation Units GBU during 2010proceeded in:o Completion of Megalopolis A’ Unit III’s flue gas desulfurization Project of € 86.5 m. budgeted value. Performancetests were successfully completed in August 11, 2010 and the Project is under the procedure of TemporaryAcceptance.o Implementation of a series of Projects for the upgrading of existing Units and their antipollution equipment (wastetreatment systems, noise reduction works, construction of central flue gas stacks etc.).• Furthermore, during 2010:ooGBU continued the systematic monitoring of the monitoring, recording and reporting system for CO2 emissions ofall thermal Units which are under European Trading System for emissions rights and the systematic monitoring ofair pollutants emissions, as well as of the air quality monitoring Networks.GBU continued the adaptation to the ISO 14001:2004 Standard of the already operating EnvironmentalManagement Systems (EMS) in Power Stations in order to certify them.• In 2010 the new Directive 2010/75/EU for Industrial Emissions has been issued. In the framework of updatingGeneration’s Strategy, for the time period after 2015, alternative approaches are examined and evaluated for adaptingexisting Units to Directive’s requirements.Transmission Business UnitCapital expenditure amounted to Euro 88.8 millionIn 2010, new investments in the Transmission System have been made totaling € 81,5 m., in accordance with the Five YearsTransmission Development Studies (2009-2013) requirements.• The expansion of the EHV Substation in Acharnes has been constructed.• The construction of the EHV Substation in Lagada and the construction of EHV the Substation in Nea Santa werecontinued.• The construction of the GIS Substation in Atherinolakkos was continued.• The construction of Skala substation has been completed.• The expansion of substations Aitolikou, Platamona, Methanon, Rethymnou, Ioannina I and Ioannina II was completed.• The construction of the new GIS Substation in Heraklio Ι has been completed.• The construction of the 400 kV Aliveri – System transmission line (overhead and underground) was continued.• The conductor replacement of the 150 kV Sitia – Ierapetra transmission line was completed.• The construction of the 150 kV Skala – System was completed.• The refurbishing of the 150 kV Alexandroupoli – Didimotixo transmission line was started.• The construction of the 400 kV Amyntaio-Lagadas transmission line was continued.• The construction of the 150 kV Rethymno – Spili transmission line was started.• Furthermore expansions or reinforcements in many 150/20 kV Substations have been completed.• The construction of the cable lines 150 kV Heraklio I-Transmission System and the construction of cable line Finikas-Nea Helvetia have been completed.• The installation of the 150 kV shunt capacitor bank at Velos substation was completed.• The installation of 12 automated 20 kV capacitor control systems were completed in 8 substations.• The environmental impact study of the EHV Patras was completed.• The environmental impact study for the following projects was completed.o EHV Megalopoli substation and its companion transmission lines.o 400 kV transmission line of EHV Megalopoli substation to EHV Patra substation.• 10 new environmental studies for Lines and Substations have been submitted.• The public deliberation concerning the issues of the Declaration of the connection of Cycladic Islands with theconnected Transmission System has been completed.Distribution Business UnitCapital expenditure amounted to Euro 462.7 millionDevelopment & Exploitation of Distribution Network1,800 km of new MV Network have been manufactured as well as 2,200 km of new LV Network and 3,200 new transformerswere installed, while there were 8,000 network removals.Distribution Network Users came to 7,564,7777 of which 9,961 are connected to MV.12
Page 4 and 5: A. STATEMENT OF MEMBERS OF THE BOAR
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PUBLIC POWER CORPORATION S.A. AND S
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NOTES TO THE UNBUNDLED FINANCIAL ST
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interconnected islandsRental of dis
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E. ADDITIONAL INFORMATION142
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F. DISCLOSURES UNDER ARTICLE 10 L.3
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Financial Report (January 1, 2010 - December 31, 2010)

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