Greek Minister of Energy Kostas Skrekas said that Public Power Corporation (PPC) is not expected to post any profit for 2021 as it has spent millions of euros helping consumers who are facing increasing energy bills.
Greece has spent more than 2 billion euros on electricity and natural gas bill subsidies to support households, businesses and farmers facing increasing energy prices since September.
PPC, which generates about half of Greece’s electricity and is 34 % owned by the state, is expected to post revenue of between 4 and 5 billion euros for 2021. However, it will hardly have any profit. According to Minister Skrekas it might even report some losses as the company so far spent 800 million euros on discounts for its customers.
PPC expects that its 2021 earnings before interest, tax, depreciation and amortization (EBITDA) should be in line with the 886 million euros recorded in the previous year.
