The new natural gas power plant being developed by a joint company of Motor Oil and GEK-TERNA is expected to be put into trial operation in the summer, while commercial operation of the unit is expected by the beginning of autumn, Motor Oil sources said yesterday in the context of the general meeting of shareholders.

The new unit, with a capacity of 877 megawatts and an investment cost of 375 million euros, and the other natural gas units being developed, on the one hand, cover the gap of the retiring lignite units and, on the other hand, function as a complement to the development of renewable energy sources.

Referring to RES, the same sources said that the majority of units owned by the group (mainly wind) have contracts with guaranteed compensation, while the new photovoltaics that are being developed are linked to “green” power purchase agreements (PPAs) and are exempt from energy cuts which the RES inject into the system during periods of excess production. They also emphasized that the group’s moves in RES, since there are no corresponding guarantees, are very selective.

Finally, it is pointed out that the sale of approximately 7.5% of Ellactor’s shares to REGGEBORGH will proceed until May 6, 2025, as provided for in the relevant agreement, at the price that was also agreed upon (1.75 euros per share), as well as the return of capital 0.5 euros per share to shareholders.