​As a Public Benefit Organization belonging to all of society, EAC always acts within the framework of its governing legislation and strictly enforces the principles of Sound Administration and Corporate Governance. Its processes are subject to the required monitoring by the competent State Authorities.

Following media reports about fuel pre-purchasing, EAC wishes to inform the public that the supply of fuel to its power stations is planned in such a way as to guarantee the security of supply, taking advantage of all the Authority's available fuel oil storage tanks.

 For its electricity generation needs, EAC's overriding concern is to obtain fuel supplies on the international market at the lowest possible prices, as set on the basis of supply and demand at any given time. Purchasing at the best prices is ensured through the transparent tendering process for the choice of supplier and the monitoring of the results of fuel quality analyses. In accordance with the terms of the relevant contracts with suppliers, the price at which EAC purchases fuel is the current international market price at the time of delivery of each cargo. Consequently, the price of each cargo delivered during this period represents the lowest on the market.

At the same time, in order to make the most of today's prevailing low fuel prices for the benefit of consumers, EAC is already seeking the best possible additional option through special fuel pre-purchasing tools. This is being done with a focus on the legality of the process and the need to ensure the timely delivery of fuel, while minimizing the financial risk associated with the use of such tools. In this context, EAC is evaluating the data and assessing the emerging new situation, taking the necessary action and engaging in negotiations with all the parties involved.

 

Press Office:  8 April 2020

​