George Stassis

The Public Power Corporation (PPC) units that generate power from renewable energy sources are set to increase exponentially during 2023 as new RES units come online or near completion, PPC Chairman and CEO George Stassis said.

Greece's main power utility Public Power Corporation (PPC) said on Thursday it had swung to profit in the first quarter on the back of lower energy costs. 

The utility reported net profit of 51 million euros for the January-to-March period versus a loss of €186 million last year. 

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).

Public Power Corporation (PPC) expects its EBITDA to jump by 30% annually after the acquisition of Enel Romania, since the latter has a leading position in the Romanian electricity market.

The route taken by Russian natural gas to reach our country, as well as the alternative sources of supply of this fuel, are the two main reasons why Greece appears reassuring in dealing with the possible consequences of a possible decision of Moscow to close the pipelines that cross Ukraine.

With an overwhelming majority of over 99%, the body of PPC shareholders approved the increase of the company's share capital by 750 million euros and the sale of 232 million new shares.

At the same time, the extraordinary general meeting of shareholders approved the transfer of 49% of HEDNO to Maquarie a fund member company from Australia.

The financial state of Greece's power utility PPC is worse then initially thought, the company's new president and CEO George Stassis said on Thursday during a general shareholders meeting.

The Greek association of small businesses has asked Bank of Greece Governor Yannis Stournaras and Public Power Corporation CEO George Stassis for relief measures for businesses on the northern Aegean island of Samothraki that have suffered as a result of the 12-day suspension of ferry connections earlier this month.