Power gi­ant PPC posts in­creased prof­its for first half of this year

Kathimerini English - - Focus - BY CHRYSSA LIAGGOU

Greece’s Public Power Cor­po­ra­tion (PPC) has an­nounced in­creased turnover and prof­itabil­ity for the first half of 2015, along with a new pric­ing pol­icy for busi­nesses and a to­tal of 80 mil­lion eu­ros in perks for loyal do­mes­tic cus­tomers.

Of this, a to­tal of 30 mil­lion eu­ros will be re­turned to house­holds who pay their bills on time. A new cor­po­rate in­voice will also be put into ef­fect from Septem­ber 1. The scheme will of­fer highly com­pet­i­tive rates to large com­pa­nies and groups with a na­tion­wide pres­ence.

More­over, re­duced tar­iffs, sim­i­lar to those cur­rently avail­able to large com­mer­cial and in­dus­trial en­ter­prises with con­sump­tion over 10 gi­gawatt-hours, will be avail­able from Oc­to­ber 1. Dis­counts will ap­ply to sev­eral other cat­e­gories of com­mer­cial in­voices from the same date.

Re­duced tar­iffs will also be of­fered from Oc­to­ber 1 to small com­mer­cial en­ter­prises and work­shops.

Re­gard­ing the fi­nan­cial re­sults for the first half of 2015 an­nounced on Thurs­day, PPC re­ported that turnover in­creased by 2.8 per­cent while the compa- ny posted a net profit of 105.6 mil­lion eu­ros com­pared to 96 mil­lion for the first six months of 2014. Earn­ings be­fore in­ter­est, taxes and de­pre­ci­a­tion in the first half of this year in­creased by 17 per­cent com­pared to the same pe­riod in 2014.

The pres­i­dent and CEO of PPC, Mano­lis Panayio­takis, cited in­creased hy­dro pro­duc­tion and re­duced prices on the energy mar­kets as the main driv­ers be­hind the profit fig­ures. For the full year, he es­ti­mated that rev­enues from elec­tric­ity sales will come to 5.6 bil­lion eu­ros.

Rev­enues from elec­tric­ity sales in­creased 3 per­cent in the first six months of 2015 com­pared to the same pe­riod in 2014. A neg­a­tive de­vel­op­ment was the 50.9 per­cent in­crease in the pro­vi­sion for bad debts com­pared to 2014.

Also note­wor­thy is the de­cline in the share of the cov­er­age of ag­gre­gate de­mand to 61.2 per­cent (in­clud­ing im­ports) com­pared to 68.8 per­cent in the first half of 2014. This was due to lower lig­nite-fired pro­duc­tion (-22.5 per­cent) and lower gas-fired pro­duc­tion (-36.5 per­cent), plus the dou­bling of im­ports from third par­ties, mostly Balkan coun­tries in the case of elec­tric­ity.

PPC is plan­ning to put a new cor­po­rate in­voice into ef­fect from Septem­ber 1. The scheme will of­fer highly com­pet­i­tive rates to large com­pa­nies and groups with a na­tion­wide pres­ence.

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