Public Power Corporation on Tuesday reported pre-tax profits of 67 million euros in 2020, from a €2.05 billion loss in the previous year.
PPC said its operating profits more than doubled to €886 million, surpassing the initial goal of €650 million, despite a drop in electricity demand and a decline in PPC’s market share.
The electricity utility’s debt fell to €3.28 billion, down €400 million from the previous year. Domestic demand for electricity fell 6.7% to 54,752 gigawatt hours in 2020, from 58,660 GWh in 2019, due to the pandemic, while PPC’s average market share in the supply market fell to 68.7% from 75.8% over the same period.
Production and imports of electricity power covered 40.7% of total demand in 2020, down from 45.5% in 2019. Lignite production was reduced by 45.1%, or 4,696 GWh.