The Public Power Corp. (PPC) on Friday reported first quarter 2019 losses of 205.1 million euros, after taxes, an increasingly poor performance by Greece's dominant electricity utility. The state-run company had reported 12.6 million euros in losses in the corresponding period of 2018.
The Public Power Corp. (PPC) on Friday reported first quarter 2019 losses of 205.1 million euros, after taxes, an increasingly poor performance by Greece's dominant electricity utility. The state-run company had reported 12.6 million euros in losses in the corresponding period of 2018.
EBITDA losses reached 51.3 million euros.
Nevertheless, the utility's management issued a statement saying the results do not provide a true picture of PPC's performance, given that results do not include a 21.9-million-euro rebate paid by the state for subsidized power to remote areas and low-income consumers - for the 2012-2016 period - as well as a 99.3-million-euro rebate from a surplus in a special fund that collects a fee - imposed on electricity bills - for renewable energy. The latter rebate was transferred to PPC only this month.
PPC blamed much of the losses on hikes in the price of natural gas (by 32.5 percent); a higher median system rate (by 33.6 percent); an increase in the cost of purchasing C02 emission rights land a higher burden from so-called NOME power auction of future power production.