Public Power Corporation SA on Thursday reported increase operating earnings, lower debt and an 1.8 billion euros contribution to deal with the impact of an energy crisis for 2022, despite a big increase in operating spending (mostly for the purchase of energy and natural gas).
EBITDA (repeat) totaled 953.7 million euros, up 9.4% from 2021, pre-tax results showed a loss of 26 million euros (loss of 149.8 million in 2021) and after tax results showed a loss of 8.9 million (loss of 18.4 million in 2021).
Net debt fell by 501 million euros to 1.38 billion, while spending on the purchase of energy and fuel grew by 4.911 billion euros, or 141.4% compared with the previous year. Investments totaled 686.2 million euros, from 437.9 million in 2021 and were distributed mostly to the distribution grid and renewable energy sources.
Commenting on the results, PPC’s chairman and CEO, George Stassis, said that 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 moved on with selective acquisitions and agreed with Enel to acquire its activities in Romania. Stassis said PPC continued its investment plan on renewable energy sources with the aim to approach a total power capacity of around 1GW by the end of 2023. He noted that PPC was expected to complete the transaction with Enel Romania by the third quarter of 2023 and then to present its updated strategic plan to the investment community.
