Greece, PPC Renawables’ net profit of € 10.3 million in 2021.

, SEE Energy News

PPC Renewables SA, the renewable energy branch of the Greek company PPC SA, has more than doubled its net profit in 2021, reaching 10.3 million euros, after increasing revenues by 22% annually.

The company that owns wind farms, small hydro and solar photovoltaic power plants in Greece ended 2021 with total revenues of 37.1 million euros, compared to 30.4 million euros in the previous year, according to the financial report of the parent company.

Net profit increased on an annual level from 4.3 million euros to 10.3 million euros in 2021.

The Greek renewable energy company’s facilities, including large hydropower plants, produced 4,515 GWh of electricity, or 25.4% more than a year earlier. At the end of 2021, the company had 3,377 MW of installed renewable capacity and close to 400 MW under construction.

PPC made a net loss of € 18.4 million in 2021, compared to a profit of € 19.5 million a year earlier, mainly due to rising costs. Revenues rose 22.7% to 5.7 billion euros.

The Greek utility company explained that the geopolitical conflict between Russia and Ukraine shook the economic environment and led to an increase in costs in the wholesale electricity market. In line with these developments, PPC intends to increase investments in renewable energy sources and networks to support Greece’s energy transition, reducing its dependence on fossil fuels and the effects of a potential global crisis.

Source: renewablesnow.com