Greece's Public Power Corp raises 2024 profit guidance after strong first quarter (updated)

Public Power SA

20/05/2024 16:21

(Rewrites story throughout)
       May 20 (Reuters) - Greece's biggest utility Public Power
 DEHr.AT  on Monday raised its core profit guidance for the full
year after reporting a strong first quarter.
    PPC, which operates the country's main power grid, said it
expects recurring earnings before interest, tax, depreciation
and amortisation (EBITDA) of 1.8 billion euros ($1.96 billion)
this year.
    Its previous estimate stood at 1.7 billion euros.
    EBITDA came in at 459 million euros in the January-to-March
period, a 64% annual rise, driven by a stronger power
distribution business and the contribution of its Romanian
assets which it bought from the Italian electricity producer
Enel last year.
    PPC has been looking to upgrade the Greek power grid by
speeding up the installation of smart meters and boosting its
green energy capacity to 8.9 gigawatt by 2026 from 4.7 gigawatt
currently.
    

($1 = 0.9205 euros)

 (Reporting by Angeliki Koutantou)
 ((angeliki.koutantou@thomsonreuters.com;))