ECONOMY

PPC not expected to post profit for 2021

PPC not expected to post profit for 2021

Greece’s biggest power utility Public Power Corporation (PPC) is not expected to post any profit for 2021 as it has spent millions of euros helping consumers who are facing soaring energy bills, the Energy Minister said on Thursday.

Greece has spent more than €2 billion on power and gas bill subsidies to support households, businesses and farmers facing surging power prices since September.

Prime Minister Kyriakos Mitsotakis has sent a letter to the European Commission proposing a cap on gas prices, which are being pushed even higher by Russia’s war with Ukraine.

PPC, which generates about half of Greece’s electricity and is 34% owned by the state, is expected to post revenue of €4-5 billion euros for 2021. However, it will hardly have any profit, Energy Minister Kostas Skrekas told MPs.

“(PPC) will post zero profit. It might even report some losses,” Skrekas said, adding that the utility has spent €800 million so far on discounts for its customers.

PPC expects 2021 earnings before interest, tax, depreciation and amortization (EBITDA) to be in line with the €886 million posted the previous year. [Reuters]