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.
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