The Public Power Corporation (PPC) has announced 542mn euro in losses for 2018 in a report that also underlines the reduction of the company’s debt and an increase in investments and in debt collection.
PPC president and CEO Manolis Panagiotakis said that the company made every effort not to pass on to consumers the repercussions of an increase in production costs, of the financial burden from Regulatory Authority for Energy tenders, and of the drop in sales.
Panagiotakis called upon the state to remedy dysfunctions in the institutional framework within which PPC operates, especially regarding hiring, which he said limits PPC’s business activity.
More analytically, PPC’s turnover in 2018 amounted to 4.7bn euros, compared to 4.9bn euros in 2017. That was attributed to a drop in the company’s market share and reduced overall demand.
Operational profits declined by 44.5 percent (from 469mn in 2017 to 260.1mn in 2018). The company attributes that mainly to a 138mn euro increase in expenditures on CO2 emission rights and the additional 151.6mn euro burden from Regulatory Authority for Energy tenders.