The positive effect of the de-escalation of world natural gas prices is reflected in its results. checkpoint in the 1st quarter of 2023. The company achieved a 1Q22 loss recovery and a 65% increase in EBITDA. In particular, net income at the group level was formed in the first quarter of 2023 in the amount of 51.1 million euros against a loss of 185.7 million euros in the corresponding quarter of 2022 and current EBITDA of 280.5 million euros out of 170 million euro (65%) in the corresponding quarter of last year. For the whole year the head of the company George Stasis Current EBITDA is estimated to approach 1.2 billion euros, exceeding the target of 1.1 billion euros. The results of the first quarter, Mr. Stasis commented, “confirm the development path that PPC has embarked on and lay the foundation for a return to dividend distribution starting from 2024, based on the current year’s profitability.”

The improvement in PPC’s operating profitability is driven by a significant reduction in operating expenses and mainly energy purchases – natural gas, liquid fuels and CO2 emissions – which decreased by EUR 385.1 million (22.6%) compared to the first quarter of 2022 , due to lower prices. This is evidenced by the fact that natural gas expenditures alone fell by half compared to the previous year’s quarter, to 214.3 million euros from 423.8 million euros. To a small extent, this decline was also driven by a decline in HBO production in the first quarter of 2023, as a result of an 11% decrease in domestic demand for electricity and a decrease in the share of GPC in production to 39.2% from 46.9% in the corresponding quarter of 2022. The decrease in the share of production, combined with the decrease in the share of supply, led to a decrease in turnover of 254.5 million euros or 11.3% compared to the first quarter of 2022. The average share of PPC offerings fell nationwide to 60.9% from 64% in the corresponding quarter last year.

The foundations are being laid for a return to the distribution of dividends from 2024, stressed the head of the company G. Stasis.

In general, operating expenses before depreciation in the first quarter of the year decreased by 17.6% (1.712 billion against 2.07 billion). The company’s net debt at 31 March 2023 was 2.030 billion euros, an increase of 642.3 million compared to 31 December 2022 (1.388 billion euros), due to the impact of negative working capital in the first quarter of 2023, which in mainly affected by the 2022 compliance CO2 rights payment, which is due annually until the end of March of the following year.

The group’s investments in the first quarter of the year almost doubled compared to the corresponding quarter of 2022 and amounted to 195.5 million euros against 102 million euros, with most of them directed to the network (113.8 million) and the new production plant natural gas in Alexandroupolis (49.8 million euros). million). Investments in renewable energy reached 21 million euros, compared to 7 million euros in the first quarter of 2022, indicating the dynamic growth of PPC in this sector.

The company, according to a presentation by Mr. Stasis to analysts, after reaching the target of 600 MW for projects across Greece, operating or under construction, began construction of a large 550 MW photovoltaic park in Ptolemais, with projects today with a total capacity of 1 GW. This is a total capacity of 1.6 GW, which corresponds to about 30% of the 5 GW target set for 2026.