IPTO posts 96m euro profit for 2014, a 28.5% year-on-year increase

IPTO, Greece’s Independent Power Transmission Operator, locally known as ADMIE, has reported a pretax profit of 96 million euros for 2014, up from 74.7 million euros in 2013, a 28.5 percent year-on-year increase.

The power grid operator, a subsbidiary firm of PPC, the Public Power Corporation, had posted a 163 percent year-on-year pretax profit increase in 2013.

IPTO’s profit after tax was reported at 70 million euros for 2014, up from 55.9 million euros in 2013 and 26.3 million euros in 2012, respective year-on-year increases of 25 percent and 166 percent.

The operator’s level of investments also rose, reaching 130 million euros in 2014 following annual levels of approximately 60 million euros in preceding years. The operator plans to further increase its investment activity to 185 million euros in 2015, 230 million euros in 2016, and 340 million euros in 2017.

According to IPTO’s updated investment program for the following ten-year period, investements totaling over three billion euros have been planned for electricity transmission projects in Greece, with emphasis on provincial regions.