The European Bank of Reconstruction and Development (ERBD) on Monday announced a 75-million-euro investment in Public Power Corp. (PPC), the ATHEX-listed utility that ranks as Greece’s dominant electricity provider and producer.
The European development bank said it has joined a 1.35-billion-euro share capital increase announced by PPC.
The one-time state power monopoly in Greece, which came close to insolvency in 2018 and 2019 under the burden of nearly one billion euros in accumulated losses, said it will use the capital drained from the share capital increase to fund investments in renewable energy sources (RES) domestically and in the wider SE Europe region.
Under a new management since the summer of 2019, appointed in the wake of center-right New Democracy (ND) party’s election landslide, PPC’s management said the strategic goal is to transform the company into an environmentally viable, modern and fully digitized utility, and using the ESG index as a guide and yardstick.
Overall, the utility wants to attract six billion euros over the 2022-2024 period, of which 3.2 billion will be funneled towards RES’s, along with one billion euros for a wider power distribution system. Another oft-cited target is the elimination of lignite mining and use in Greece this decade – the later being a strategic goal by the Mitsotakis government.
In terms of numbers, PPC “blueprint” calls for power generated from RES’s to increase from 3.4 GW this year to 8.4 GW in 2026.
Latest News
BoG: Feb. Current Account Deficit up by 1.8bln
At current prices, exports dropped by 10.3% (‑10.7% at constant prices) and imports grew by 5.7% (9.4% at constant prices).
Greece Becoming a ‘Refuge’ for German Pensioners
The government's policies to attract foreign property buyers to boot the economy is working, reports German newspaper Handelsblatt
Iran Activates Air Defense System- Reports of Attack by Israel
An Iranian official said explosions reported by Iran's media were the result of the activation of the country's air defense system, yet media reports attribute them to a drone attack by Israel
Poll: Greeks, EU Citizens Eager to Vote in European Elections
EU citizens are eager to vote in the upcoming elections for the European Parliament in June, with eight in 10 saying the current geopolitical situation makes voting imperative
Mitsotakis-Erdogan Meeting in Ankara Fixed for May 13
The Greek PM himself made the announcement from Brussels on Thursday, while he also responded to a question on Athens' intent to create a marine park in the central Aegean, an environmental initiative
Greece Aims to Boost Energy Capacity, Economy with Offshore Wind Farms
Greece’s Energy Ministry is pushing legislation to accelerate the construction of the first floating wind farms in Greek seas
Reuters: Greek Economy Surges After Decade of Pain
Nevertheless, the article also highlights some of the challenges facing the country, with a falling birthrate and labor shortages posing a threat to the long-term outlook
IMF: Greek Growth in 2024 at 2%; Debt to Ease to 158.8% of GDP This Year
Projected consumer prices are forecast to rise by 2.7%
Major Increase in Russian Natgas Imports by Greece in 1Q 2024
Russian state natgas exporter Gazprom dominated imports to the country, mostly through the overland pipeline entering via a northern frontier pipeline
Lamda Development Announces First Profitable Year for The Ellinikon Project
The ATHEX-listed developer reported 206 million euros in EBITDA for FY23, a 69%-percent increase from 2022 results