Greek utility PPC plans to invest $12 billion on energy transition (updated)

Public Power SA

19/11/2025 09:00

Adds more details in paragraphs 3-7

Nov 19 (Reuters) - Greece's largest utility company Public Power Corporation (PPC) DEHr.AT plans to invest 10.1 billion euros ($11.70 billion) between 2026 and 2028 to accelerate its energy transition, it said on Wednesday.

The group is also aiming for earnings before interest, taxes, depreciation and amortisation (EBITDA) of 2.9 billion euros by 2028, up from 1.3 billion in 2023, and sees dividends rising nearly fivefold to 1.2 euros per share by 2028.

The plan includes developing 6.3 gigawatts (GW) of new renewable energy projects in Greece and Southeastern Europe, raising its installed renewable capacity to 12.7 GW, or 77% of the total, by 2028.

The utility also plans to invest in 1.5 GW of flexible assets, including batteries, gas-fired units, and hydropower facilities, to contribute to power grid supply stability.

PPC said that its net debt-to-EBITDA ratio will remain below 3.5 times, with about 70% of investments funded through cash flows.

The group also aims to phase out lignite use by 2026, targeting an 85% reduction in greenhouse gas emissions in 2028 compared with 2019 levels.

Even after its planned coal exit, PPC expects its total installed capacity to climb to 16.6 GW by 20

28, up from 12.4 GW projected in 2025.

($1 = 0.8636 euros)

 (Reporting by Antonis Pothitos; Editing by Jane Merriman)

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