Greece: Core profit for PPC

, SEE Energy News

Due to the coronavirus pandemic and impact on drop in energy costs, Greek state-controlled Public Power Corporation (PPC) said that it recorded a core profit in the first quarter of the year.

PPC said that its earnings before interest, tax, depreciation and amortization (EBITDA) amounted to at 182 million euros, compared with a core loss of 66.3 million euros in the same period last year.

Despite lower electricity demand during a lockdown that Greece imposed to stop the spread of the coronavirus, PPC benefited from lower fuel, natural gas and carbon emissions costs for its plants.

PPC, which provides some 60 % of Greece’s electricity, has seen its finances suffer in recent years and still has more than 2.7 billion euros in unpaid bills owed by customers who struggled during the country’s economic crisis.