BUSINESS

Prime minister speaks of a ‘reborn PPC’

prime-minister-speaks-of-a-reborn-ppc

The government has hailed the successful share capital increase completed last week by electricity giant Public Power Corporation, which secured significant interest in investment plans easing the transition into the new energy era.

In a post on Facebook on Friday, Prime Minister Kyriakos Mitsotakis referred to the “record investment interest in the reborn PPC,” and noted the “increase of its share capital from 750 million euros jumped to €1.3 billion, and the price of its share exceeded €9.”

He reminded that the utility has come a long way, given that when his government came into power in 2019, “the company we received was on the verge of bankruptcy, with losses of €2 billion and the value of its share approaching zero. 

“And yet, a systemic risk for the national economy, within two years, became a springboard for its development,” he said.

He also pointed out that “the new PPC, with the state maintaining control, is made stronger, so that it can protect consumers from fluctuations in electricity prices; more modern, to offer them better services; but also more decisive, to become a protagonist in the new era, with investments of €3 billion in renewable energy sources in the next three years.”

Energy Minister Kostas Skrekas sought to highlight the “impressive interest” shown by foreign investors in PPC’s share capital increase, saying that it “clearly proves that the company has turned a corner.” 

“The extensive participation of international institutional investors exceeded all expectations, with the offers topping €4 billion,” he said. 

“With the funds amounting to €1.35 billion that the company will raise, combined with the revenues from the sale of 49% of the Hellenic Electricity Distribution Network Operator (DEDDIE), it will be able to proceed smoothly onto the implementation of its strategic plan. It will invest in the development of renewables and electricity storage technologies, while it will further accelerate its transformation by acquiring green energy production units beyond Greece’s borders,” Skrekas added.

“With these investments, PPC will be able to offer clean energy at affordable prices to households and businesses, while enhancing the country’s energy security. The intense interest is proof of the strong growth prospects of the Greek economy,” he commented.