Public Power Corp. (PPC) SA on Thursday reported higher operating earnings, lower debt and a 1.8-billion-euro contribution to ameliorate the effects of last year’s energy crisis for 2022, despite a major increase in operating spending, primarily for the purchase of electricity and natural gas.
EBITDA totaled 953.7 million euros, up 9.4 percent from 2021; pre-tax results showed a loss of 26 million euros (compared to losses of 149.8 million euros in 2021) and after-tax results showing a loss of 8.9 million euros (compared to losses of 18.4 million euros in 2021).
Net debt fell by 501 million euros to 1.38 billion euros, while spending for the purchase of energy and fuel grew by 4.911 billion euros, or 141.4 percent compared with the previous year.
Commenting on the results, PPC chairman and CEO Georgios Stassis said PPC managed to resist the unprecedented conditions of volatility and uncertainty prevailing in markets throughout the year, while it implemented its business plan and contributed to efforts to deal with the energy crisis supporting its customers. PPC also proceeded with selective acquisitions and agreed with Italy’s Enel to acquire its activities in Romania.
Stassis said PPC continued its investment plan for renewable energy sources, with the aim to approach a total power capacity of around 1GW by the end of 2023. He noted that PPC expected to complete the transaction for Enel Romania by the third quarter of 2023 and then to present its updated strategic plan to the investment community.
Οι εκπλήξεις (;) των εκλογών της 25ης Ιουνίου, ο νέος ρόλος του Βορίδη, μια βραδιά για τον Βαρδή Βαρδινογιάννη και η κλειστή συνέλευση του ΣΕΒ
Debate ahead of June 25 elex 10 days earlier; major pol leaders to participate
The date and format were announced by an inter-party elections committee on Tuesday
Eurobarometer: 66% of respondents in Greece say living standards have fallen over recent period; 50% EU-wide
The impact of multiple crises over recent years is evident, according to the EU pollster, as one in two respondents consider that their living standards have fallen, while forecasting that this trend will continue over the coming year. For Greece, the figure stands at 66 percent, worse than the EU average.
Beers, soft drinks: Greek weather “damaged” sales in April – May
Dependence on weather and tourism for beer and soft drinks - What businesses expect in the summer
PwC Greece: Operation of international Center for Positive Business towards Nature begins
55% of global GDP, which is equivalent to 58 trillion dollars, is exposed to significant nature-related risks if immediate action is not taken
Piraeus Bank CEO to Bloomberg: Greece needs a stable government
Growth is coming with investment and exports as a vehicle
Greek Ministry of Shipping: Creation of new digital tools
To serve citizens and sailors without physical presence
Morgan Stanley bullish on Greece: Record investment this year – Strong growth
It predicts a new record in investment
Greek coastal shipping: Argosaronic Gulf made the difference during the Holy Spirit three day weekend
Athens residents preferred closer destinations that are also lower in transportation costs
Karpathos: Among the 8 most beautiful islands in Europe for the Swiss
Switzerland's largest newspaper characterizes Karpathos as "Mystic Santorini".
Juvenile delinquency in Greece: Why incidents have increased – What experts say
Experts argue that the average age of children who engage in delinquent behavior has also decreased, adding to the concern.