PPC announces Q1 2019 losses of 205.1 mln€; utility counters that results do not include recent rebates of 121.2 mln€
The Public Power Corp. (PPC) on Friday reported first quarter 2019 losses of 205.1 million euros, after taxes, an increasingly poor performance by Greece’s dominant electricity utility. The state-run company had reported 12.6 million euros in losses in the corresponding period of 2018.
EBITDA losses reached 51.3 million euros.
Nevertheless, the utility’s management issued a statement saying the results do not provide a true picture of PPC’s performance, given that results do not include a 21.9-million-euro rebate paid by the state for subsidized power to remote areas and low-income consumers – for the 2012-2016 period – as well as a 99.3-million-euro rebate from a surplus in a special fund that collects a fee – imposed on electricity bills – for renewable energy. The latter rebate was transferred to PPC only this month.
PPC blamed much of the losses on hikes in the price of natural gas (by 32.5 percent); a higher median system rate (by 33.6 percent); an increase in the cost of purchasing C02 emission rights land a higher burden from so-called NOME power auction of future power production.
You may be interested
Alternate Foreign Minister Varvitsiotis: Significant tension between Greece and Turkey if Hagia Sophia turned into MosquePanos - Jul 03, 2020
Α possible Turkish government’s decision turning Hagia Sophia into a mosque would signal a significant tension in the Greek-Turkish relations…
Greece: E-governance Min. Pierrakakis outlines digitization progress at online e-conferencePanos - Jul 03, 2020
Digital Governance Minister Kyriakos Pierrakakis outlined the key steps so far taken under the government’s digital transformation policy, while speaking…
Incoming flight passengers total 21.000 at Athens International on reopening day of all Greek airportsPanos - Jul 03, 2020
Some 21,100 passengers and 55 international flights arrived at Athens International Airport on July 1, the first day of the…