A PPC general shareholders’ meeting on Wednesday approved a board recommendation offering new pricing terms to Aluminium of Greece, ending a several-year dispute between the two companies.
The agreement envisages discounts, bonus for advance and timely payment and connection of billing with aluminum price trends.
PPC chairman and chief executive, Manolis Panagiotakis, expressed the wish that Aluminium of Greece to take advantage of the benefits offered by the new agreement and to contribute in economic development and job creation, while he reiterated his demand to exclude high-voltage services from PPC’s market share.
The new pricing agreement will last from July 1, 2016 until December 31, 2020. The deal envisages volume discounts of up to 33 pct on high-voltage rates, an additional 15 pct discount on advance and timely payment of bills.
Advance payment is set at 100 million euros for the first year, falling to 30 pct of energy value for the coming years. It also envisages additional charges if the aluminum price surpassed 1,800 dollars per tonne.