State-run Public Power Corp. (PPC) experienced another disappointing year in 2018, posting reduced revenue, higher costs for emission rights and increased provisions for compound interest rates on arrears owed by the utility to the independent power transmission operator in Greece (ADMHE).
The ATHEX-listed power utility, still Greece’s dominant electricity in both the retail and wholesale, reported pre-tax losses of 465.5 million euros, up from 214.5 million euros in losses in the previous year.
The figures, released on Tuesday, do not include results by ADMHE, its profits from its 2017 sale. Additionally, results of two lignite-fired power stations, Meliti and Megalopoli, are not included.
Turnover dropped by 201.8 million euros, or 4.1 percent, mostly due to a loss in market share and reduced domestic demand.
Higher spending for C02 rights – up by 137.9 million euros – and higher burdens from NOME auctions – by 151.6 million euros – also negatively affected PPC’s results.
