PPC announces higher operating earnings, lower debt; EBITDA up 9.4% from 2021

Public Power Corp. (PPC) SA on Thursday reported higher operating earnings, lower debt and a 1.8-billion-euro contribution to ameliorate the effects of last year’s energy crisis for 2022, despite a major increase in operating spending, primarily for the purchase of electricity and natural gas.

EBITDA totaled 953.7 million euros, up 9.4 percent from 2021; pre-tax results showed a loss of 26 million euros (compared to losses of 149.8 million euros in 2021) and after-tax results showing a loss of 8.9 million euros (compared to losses of 18.4 million euros in 2021).

Net debt fell by 501 million euros to 1.38 billion euros, while spending for the purchase of energy and fuel grew by 4.911 billion euros, or 141.4 percent compared with the previous year.

Commenting on the results, PPC chairman and CEO Georgios Stassis said PPC managed to resist the unprecedented conditions of volatility and uncertainty prevailing in markets throughout the year, while it implemented its business plan and contributed to efforts to deal with the energy crisis supporting its customers. PPC also proceeded with selective acquisitions and agreed with Italy’s Enel to acquire its activities in Romania.

Stassis said PPC continued its investment plan for renewable energy sources, with the aim to approach a total power capacity of around 1GW by the end of 2023. He noted that PPC expected to complete the transaction for Enel Romania by the third quarter of 2023 and then to present its updated strategic plan to the investment community.