Greek power utility's first-quarter results hit by challenging renewables conditions (updated)

Public Power SA

20/05/2025 16:37

Adds details and context from paragraph 2

May 20 (Reuters) - Greece's biggest electricity power utility Public Power Corporation (PPC) DEHr.AT reported a marginal decline in first-quarter adjusted core profit on Tuesday, citing the impact of unfavourable weather on renewable energy production.

The decline was also influenced by lower revenue from distribution activity in Greece and the seasonal profitability of the distribution activity.

PPC, however, expects this trend to reverse in the second half of the year.

The company's adjusted earnings before interest, tax, depreciation, and amortisation (EBITDA) for the first quarter were 453 million euros ($510.12 million), down from 459 million euros a year earlier.

"Despite adverse hydrological and wind conditions that impacted renewables output in the first quarter and the seasonality in the distribution activity, our performance remains resilient and in line with our target," Chairman and Chief Executive Georgios Stassis said in a statement.

The utility's total investments in the first quarter reached 0.48 billion euros, with a significant 89% share allocated to renewable energy sources (RES), flexible generation, and electricity distribution projects.

PPC said its installed capacity in RES stood at 6.2 GW at the end of the quarter, up from the 4.7 GW recorded at the corresponding period last year.

Under its 2025-2027 plan, PPC, which operates Greece's main power grid, has said it plans to spend 10 billion euros by 2027, bolstering renewables capacity to reach 11.8 GW and upgrading its power distribution network.

Reiterating its outlook for 2025, the company expects an adjusted EBITDA of 2 billion euros, an adjusted net income after minorities of over 0.4 billion euros, and a dividend distribution of 0.60 euro per share.

($1 = 0.8880 euros)

 (Reporting by Antonis Pothitos
Editing by David Goodman and David Evans)

 ((antonis.pothitos@thomsonreuters.com; +48 58 769 65 78;))