Marked by strategic and business agreements which laid the foundations for the Group's further growth and for the strengthening of its position, the year 2010 is a turning point for the MYTILINEOS Group.
In March 2010 the Group becomes the sole shareholder of ENDESA HELLAS by acquiring 50.01% of the company's share capital, previously held by ENEL, for a total price of €140 million. The acquisition of ENDESA HELLAS, which was renamed "PROTERGIA S.A.", establishes the MYTILINEOS Group as the largest independent producer of electrical power in Greece.
The Group's energy portfolio comprises today 1.2 GW of installed capacity from thermal plants in operation by 2011, and over 1,000 MW of RES-based plants already in operation or in various stages of development.
In April 2010, after several months of efforts to import Natural Gas, MYTILINEOS-MOTOR OIL joint venture imports the first private cargo of Liquefied Natural Gas (LNG), consisting of LNG that were unloaded at the Revithousa LNG Terminal.
This strategic move was crucial to brining about the liberalisation of the Natural Gas market in Greece. The seal on the new environment for the operation of the market was put by the Ministry for the Environment, Energy and Climate Change with the approval of the Management Code of the National Natural Gas System, under which all users of the System are treated equally and are offered free access to the network, together with the freedom to select natural gas suppliers from Greece or abroad.
After nine years of participating as a shareholder, the Group announces its decision to withdraw from the Management of ELVO S.A., retaining its minority stake (43%) in the company's share capital. MYTILINEOS carried out an ambitious company restructuring and reorganisation plan based on the private-sector economic criteria that apply across all the companies of the Group.
One of the most positive developments, as well as a significant step towards the liberalisation of the domestic energy market, was the establishment in August of a mutually beneficial agreement between the ALUMINIUM, a wholly-owned subsidiary of the Group, and the Public Power Corporation (PPC). Based on the framework agreed, the two companies will proceed to sign a new contract for the supply of electrical power.