There is ulterior intent to harm AKTOR with unfounded rumors
A fierce attack on the Ministry of Energy over its policy in energy storage—specifically regarding batteries—was launched on September 24, 2026, during a press conference by the head of the AKTOR group, Mr. Alexandros Exarchou. On the sidelines of presenting the half-year financial results, he simultaneously addressed questions regarding rumors alleging problems facing the group, stating that AKTOR is the strongest company in the sector and that circulating rumors stem from ulterior motives.
Incomprehensible decisions
Referring to energy storage, he mentioned that it is incomprehensible to him why investment restrictions exist. Why is someone not permitted to invest without subsidies, he asked, inviting journalists to direct that question to the Minister of Energy in hopes of receiving an answer. Mr. Exarchou noted that circumstances have reached a point where Bulgarians purchase electricity in Greece at zero charges and resell it back to us at higher rates during shortages due to storage, while we remain unable to invest even in Bulgaria. According to Mr. Exarchou, the program announced by the prime minister to achieve a 30% reduction in energy prices will be difficult to implement without the deregulation of investments in storage batteries.
Answers to the rumors
Addressing rumors of internal issues following questions from attendees, he stated:
The Group's total liquidity reaches €1.1 billion, while total debt (which includes the Moreas project, which is subsidized) is limited to €429 million. We consider net debt to be a single figure calculated on a non-recourse basis, and that is what we present. One must keep in mind that if a project fails within a company, non-recourse provisions do not apply in practice due to underlying loan terms. In such an event, cross-default clauses are triggered. We emphasize, however, that on a recourse basis, the group holds a negative net debt of €412 million, representing an equivalent net cash position. The ratio of net debt to EBITDA stands at 1.9, whereas internationally acceptable levels go up to 5, beyond which severe problems emerge.
Delays in projects occur because, as is well known, various issues arise, such as expropriation delays and archaeological discoveries. AKTOR delivered major projects on schedule, such as the Thessaloniki Metro expansion to Kalamaria and restoration projects following Storm Daniel, while we will deliver the first 10 kilometers of the BOAK highway that have been completed, exactly as promised.
There are no outstanding debts to suppliers, and circulating rumors carry malicious intent from parties seeking to harm AKTOR. Negative cash flows during the first half occurred because we funded projects directly out of pocket. We injected capital without immediately billing. We had paid out €150 million more than we had collected.
The Eleftherios Venizelos affair
Responding to a query regarding the cancellation of the tender for the expansion of Athens International Airport "Eleftherios Venizelos," he stated that he does not comment on rumors, taking at face value the official statements issued by airport management. He recalled having previously affirmed that Aktor, in its partnership with a Turkish firm, remained fully faithful to its agreement with no intention of backing out. He further noted that the process had not even reached the submission stage for binding bids.
Nikos Karoutzos
nkaroutzos@gmail.com
www.bankingnews.gr
Σχόλια αναγνωστών