PPC on track for operating profits in 2021

Public Power Corporation remains on track for achieving the goal of annual profitability despite the energy crisis, the company said on Tuesday.

Presenting its nine-month results, PPC said its repeat operating profits totaled 626.5 million euros in the January-September period, from 696 million in the same period last year, showing significant resilience to the energy crisis. PPC announced the reduction of lignite participation in electricity production to 21% from 26% and the positive impact from hedging against price fluctuations in electricity and natural gas.

George Stassis, PPC’s chairman and CEO, commenting on the results said in the third quarter of 2021 PPC showed the necessary social responsibility to help its customers, while managed to preserve the resilience of its performance. “2021 is a transition year for PPC as we seek to return to operating profitability,” Stassis said.

PPC’s turnover rose 5% to 177.4 million euros in the nine-month period, domestic electricity demand rose 3% to 42,948 GWh, while PPC’s average market share eased to 63.7% from 69.3% in the same period in 2020.
After tax results showed a loss of 42.2 million euros in the nine-month period from profits of 12.8 million in the same period last year.