PPC to double wind and solar capacity in 2022

PPC to double wind and solar capacity in 2022

Public Power Corporation will double electricity production from renewable energy sources within 2022, according to its plans for an increase in installed wind and solar capacity to 489 megawatts from the current 239 MW, presented by PPC CEO Giorgos Stassis.

In a presentation on Thursday, Stassis said that a 200 MW unit will be added in Ptolemaida, northern Greece, and a 50 MW unit in Megalopoli, in the Peloponnese, both due to be completed within six months, while other wind and solar units that are under construction will add a further 100 MW by the end of 2023.

Permits held by PPC at various stages of completion amount to 5.9 GW in total, of which 4.7 GW is solar and 1 GW is storage units.

He said that 80% of the target for renewables in 2026 had been covered, while possible buyouts in the sector are being considered.

The figures reveal a significant acceleration of investments in networks to receive new RES, with the number of units in operation more than doubling in the first quarter of 2022 relative to the previous year, while the capacity of the new units was up 62%.

PPC on Thursday announced first-quarter EBITDA profits of 170 million euros, down from €226 million in the first quarter of 2021, saying the aim was to maintain the same levels of operating profitability as in 2021, despite the energy crisis and higher costs this entails.

It said spending to support customers with discounts reached €360 million.

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