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...