Power utility PPC will, later today, report significantly improved financial results for the first quarter, compared to the equivalent period a year earlier, sources have informed.
The results, to show higher operating profit and a sustained rebound following a downward trajectory experienced in the final quarter of 2019, according to the sources, will be officially announced once the day’s trading session at the Athens stock exchange has ended.
PPC’s improved results will reflect the positive impact of a series of changes made by the power utility’s new administration last August, especially a decision to increase tariffs, the sources noted.
Interestingly, the financial effects of the pandemic have been subdued as a reduction in electricity-bill collections was far lower than feared, the sources said.
State-controlled PPC may also announce a 160 million-euro financing plan stemming from a European financial institution as a measure to boost the corporation’s cash flow.
The first-quarter results will be accompanied by a PPC announcement on the corporation’s ongoing implementation of initiatives for restructuring and adjustment to modern energy-transition demands, the sourced informed.
Also today, the PPC board is expected to approve a voluntary exit plan for between 700 and 1,000 of approximately 4,500 employees working at the corporation’s lignite-fired power stations units, all headed for closure by 2023. Ptolemaida V, now under construction, will keep operating until 2028, according to the government’s decarbonization plan.