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GreeceBusinessPPC to return to profitability in 2023, pay dividend in 2024

PPC to return to profitability in 2023, pay dividend in 2024

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Public Power Corporation will return to profitabiilty in 2023 and plans to pay a dividend to shareholders in 2024, George Stassis, chairman and CEO told analysts after the group’s released its nine-month results on Tuesday. Stassis said the Greek state will be the biggest beneficiary since it is the largest shareholder of the group with an equity stake of 34%.

PPC’s head underlined the resilience of the group’s operating profitability, which moves in line with goals set by the management amid an unprecedented energy crisis and uncertainty.

Stassis said PPC continues to examine opportunities in Southeast European markets based on its strategic plan. He also noted that PPC is expected to begin the pilot operation of a new lignite unit with a power of 660 MW in Ptolemaida soon and that commercial operation is expected in the first quarter of 2023. PPC is also expected to complete construction of two photovoltaic parks in Ptolemaida and Megalopoli, with a power of 200 and 50 MW, respectively, doubling the enterprise’s capacity in renewable energy sources.

SOURCE; ANA-MPA

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