Greece: PPC’s 2020 profit

, SEE Energy News

In 2020 Greek state-controlled Public Power Corporation (PPC) recorded a pre-tax profit in the amount of 67 million euros, compared to a loss of more than 2 billion euros in the previous year.

PPC said its operating profits more than doubled to 886 million euros, surpassing the initial goal of 650 million euros, despite a drop in electricity demand and a decline in PPC’s market share. The company’s debt fell to 3.28 billion euros, down 400 million euros from the previous year.

Electricity consumption in Greece fell by 6.7 % to 54,752 GWh in 2020, compared to 58,660 GWh in 2019, due to the pandemic, while PPC’s average market share in the supply market fell to 68.7 % from 75.8 % over the same period.

Production and imports of electricity covered 40.7 % of domestic consumption in 2020, down from 45.5 % in 2019. Lignite production decreased by 45.1 % in 2020.