ΗELPE CEO: Double pressure on the market from the Ukrainian crisis and the green transition

Hellenic Petroleum CEO Andreas Shiamishis sent a double message regarding the events that are causing turmoil in the energy market and concern the green transition and the Ukrainian one.

During a teleconference with analysts yesterday afternoon, Mr. Shiamishis wanted to warn the market for the developments following Russia’s invasion of Ukraine. Closing the briefing, he said: “We have to expect a lot of challenges in the next few months. Not only from the economic but also from the geopolitical plane”, he noted characteristically having preceded the explosion of Brent oil over $ 100 a barrel and the explosion of TTF gas prices up to 144 euros / MWh.

The management of HELPE was also asked by the analysts whether HELPE on the occasion of the imposition of sanctions against legal entities of Russia if they are affected by them. Mr Shiamishis’ response was that “we do not procure oil directly from Russian producers but from international traders”.

On green transition

The CEO of HELPE a supporter until the presentation of the new strategy of the Vision 2025 group, a few months ago, appeared more restrained yesterday, having of course been preceded by the energy crisis and the emergence of EU dependence. from fossil fuels.

It was the second message he wanted to convey and more specifically he noted: “We must be realistic and careful concerning green transition. The group has a clear agenda for their energy transformation and will seek to achieve the green goals “, he hastened to emphasize, but then stressed:” It is necessary to avoid cultivating expectations that are not feasible either due to technology or due to of the funds required or because of the energy costs that will arise “.

Financial performance

The management of the group did not hide its satisfaction from last year in terms of financial figures. HELPE achieved a record of exports of petroleum products at 9 million tons, while the net published profits marked the second highest performance in their history as they amounted to 341 million euros.

The positive financial results of the listed company, enable the management to propose to the general assembly the distribution of a dividend of a total amount of 120 million euros. Shareholders will receive 0.40 euros per share in April and 0.10 euros per share after the general meeting. In addition, a dividend of 130 million euros from the participation of HELPE in the profits of DEPA Commerce will be distributed to the shareholders.

Its executives described 2021 as a milestone year, when the structural changes in the group began. In fact, they presented the achievement of many of the goals they had set. The culmination of this effort will be the change of name, “something that is expected in the coming weeks,” as noted by the CEO.

RES

Special mention was made in the field of RES with the management emphasizing to the analysts that with the completion of the photovoltaic in Kozani 204 MW, the group will be in operation in the first quarter of 2022 in operation of green power generation systems with a total capacity of 300 MW.

It was also announced the acquisition of a portfolio of wind and photovoltaics with a total capacity of 54 MW. These are two wind farms 38 MW in Evia and 16 MW in Viotia.

Elpedison and DEPA Commerce

The management of HELPE also referred to Elpedison, the company that they have along with Edison in electricity generation and energy supply. They said that within the first half of 2022 they will make the investment decision for the new CCGT 826 MW station, while regarding the scenarios that want the company to be interested in acquisitions of smaller companies, the comment was the following: “The value of small companies is debatable. We monitor the market closely. We have nothing more to add to that. ”

Regarding the position of the oil group in DEPA Commerce (35%), the management executives told the analysts that given the suspension of the sale by the Hellenic Republic Asset Development Fund, the management continues to consider the available options for this share.