ECONOMY

PPC profits power up in Jan-Sept

Public Power Corporation’s impressive profits in the first nine months of 2014 create significant scope for a reduction in electricity rates and are the result of a cut in spending on fuel and energy purchases from third parties, as well as the improvement of the power company’s operating expenditure.

Athens-listed PPC announced on Thursday that its nine-month after-tax profits amounted to 121.8 million euros, against just 6.7 million euros in the January-September 2013 period.

In the third quarter alone, revenues from the sale of electricity grew by 47.8 million euros or 3.2 percent year-on-year, cutting the total reduction in the first nine months of the year to just 1.4 percent on an annual basis. That was despite the reduction of Public Power Corporation’s market share to 97.9 percent in Q3 from 98.3 percent a year earlier.