PPC announces Q1 2019 losses of 205.1 mln€; utility counters that results do not include recent rebates of 121.2 mln€

30 June 2019
477 Views

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

The first Aegean Hawk S-70 helicopter was delivered to the Hellenic Navy by Aeroservices
GREECE
shares11 views
GREECE
shares11 views

The first Aegean Hawk S-70 helicopter was delivered to the Hellenic Navy by Aeroservices

Panos - May 07, 2021

The first upgraded Aegean Hawk S-70 helicopter was delivered to the Hellenic Navy today, Thursday 6 May. The work on…

Foreigners looking to buy Greek property amid Covid-19 pandemic
FINANCE
shares22 views
FINANCE
shares22 views

Foreigners looking to buy Greek property amid Covid-19 pandemic

Panos - May 07, 2021

Despite the pandemic, the demand for a permanent holiday home in selected destinations in Greece by foreigners is on the…

Greek Taxisnet services not available for citizens over weekend
FINANCE
shares12 views
FINANCE
shares12 views

Greek Taxisnet services not available for citizens over weekend

Panos - May 07, 2021

Online services on the Taxisnet platform system will not be available to taxpayers over the weekend due to scheduled upgrading.…

Leave a Comment

Your email address will not be published.