PPC sees fundamentals improve across the board

Public Power Corporation SA on Thursday reported increased operating earnings, lower debt and an 1.8-billion-euro contribution to deal with the impact of an energy crisis for 2022, despite a big increase in operating spending (mostly for the purchase of energy and natural gas).

EBITDA totaled €953.7 million, up 9.4% from 2021, pre-tax results showed a loss of €26 million (loss of €149.8 million in 2021) and after-tax results showed a loss of €8.9 million (loss of €18.4 million in 2021).

Net debt fell by €501 million to €1.38 billion, while spending on the purchase of energy and fuel grew by €4.911 billion, or 141.4% compared with the previous year.

Investments totaled €686.2 million, from €437.9 million in 2021 and were distributed mostly to the distribution grid and renewable energy sources. Commenting on the results,

PPC Chairman and CEO George Stassis said that PPC managed to resist the unprecedented conditions of volatility and uncertainty prevailing in markets throughout the year, while it implemented its business plan and contributed to efforts to deal with the energy crisis supporting its customers.

PPC also moved on with selective acquisitions and agreed with Enel to acquire its activities in Romania.