Greece, Increased customer support led to PPC’s negative result in 2021

, SEE Energy News

Greek Public Power Corporation (PPC) reported pre -tax losses of 149.8 million euros and after tax losses of 18.4 million euros in 2021, although its earnings before interest, taxes, depreciation and amortization (EBITDA) totaled 871.7 million euros, thus ensuring the continuation of investments.

PPC said in a statement that a package of support measures aimed to offset high energy prices for its customers reached 800 million euros and led to negative financial results in 2021.

The company said that the energy crisis which started in late 2021 more than tripled spending for natural gas purchases to 910.1 million euros. Thus, expenditures for natural gas rose five times in the fourth quarter of 2021.

Expenditures on carbon dioxide emissions rights jumped to 699.2 million euros in 2021 from 393.5 million in 2020, while PPC’s net debt fell by 1.4 billion to 1.9 billion euros after the completion of a share capital increase plan last autumn.