PPC CEO hints at poor Q3 results, during Parliament briefing

Thursday, 15 November 2018 06:05
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By M. Hatzikonstantinou & K. Deligiannis

The president and CEO of Public Power Corp. (PPC), Greece's dominant power utility, on Wednesday more-or-less revealed lackluster results for Q3 2018, pointing to increases in wholesale electricity clearance prices as one of the primary reasons.

Manolis Panagiotakis, who heads the ATHEX-listed utility, spoke in Parliament as a part of a briefing on a lignite production unit in northwest Greece.

"It's true that results will be burdened in the third quarter from a major increase in the wholesale price and an increase in CO2 emission trading rights," Panagiotakis said, in response to an assessment by a main opposition New Democracy deputy, who predicted that PPC will post no operational profits and, in fact, record damages of 300 million euros in 2018.

"What I can say is that EBITDA will not be reduced to zero, and that we are working with the government, and the ministry, to improve results, without burdening, as much as possible, consumption," he said.

In a related development, he said four domestic industrial groups have expressed an interest in a tender to upgrade two lignite-fired power units in the Amynteo district, in NW Florina prefecture, with the aim being lower emissions and improved generation. The four prospective suitors are Mytileneos, Terna, Intrakat and Copelouzos group.

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