PPC: Customer support led to negative results

Public Power Corporation (PPC) on Tuesday reported pre-tax losses of 149.8 million euros and after tax losses of €18.4 million in 2021, although earnings before interest, tax, depreciation and amortization (EBITDA) totaled €871.7 million, ensuring the continuation of investments.

PPC said a package of support measures for its clients to offset higher energy prices reached €800 million and led to negative results in 2021.

The electricity utility said the energy crisis that began in 2021 more than tripled spending for natural gas purchases to €910.1 million, with spending on natural gas rising five times in the fourth quarter of last year.

Spending on carbon dioxide emissions rights jumped to €699.2 million in 2021 from €393.5 million in 2020, while net debt fell by €1.4 billion to €1.9 billion after completion of a share capital increase plan last autumn.