PPC sees operating earnings jump more than 45%
[Intime]
The sharp drop in energy prices compared to last year’s nine-month highs reduced Public Power Corporation’s spending on energy purchases, natural gas and CO2 emissions by more than 50% in the first nine months of 2023 and led to a 45.4% increase in operating profitability, PPC reported on Thursday.
In contrast, the drop in wholesale prices and the decrease in the volume of electricity sales, on the drop in domestic demand and the reduction of PPC’s share in the supply, slashed the company’s turnover by 3.04 billion euros, or 35.5% year-on-year. Nine-month turnover dropped to €5.52 billion from €8.563 billion last year.
