PPC reports increase in first-quarter profit, turnover down

Main power utility PPC has reported a 136 million-euro decline in total turnover, down by 8.8 percent, to 1.4 billion euros from 1.55 billion euros in the equivalent period last year.

The company’s first-quarter EBITDA figure rose by 10 percent, while its EBITDA margin increased by 24.4 percent.

PPC’s profit after tax increased to 85.6 million euros in the first quarter from 55.7 million euros in the first quarter last year.

Overall demand for electricity fell by 5.9 percent in the first quarter, the utility announced. Not including exports, the fall amounts to 6.2 percent, it added. PPC attributed the reduced demand for electricity to milder weather conditions in Greece during the first quarter compared to the equivalent period last year. Subsequently, domestic sales fell by 10.1 percent, PPC reported.

PPC’s electricity production and imports covered 53.2 percent of total demand in the first quarter of 2016, down from 61.4 percent during the equivalent period last year. The respective figures for the interconnected system were 50.6 percent and 59.4 percent.

This decrease was primarily attributed to the natural gas-fueled electricity production increase achieved by rivals, up 62.6 percent as a result of lower oil and natural gas prices – natural gas prices are pegged to oil prices in Greece – as well as the increased power production by rivals in the renewable energy sector, up by 10.6 percent.

PPC’s lignite-fired electricity production fell by 17.4 percent and hydropower production dropped by 36.5 percent in the first quarter.

On the contrary, the utility’s natural gas-fueled electricity production increased by 38.5 percent as a result of the output at its new facility, Megalopoli V.