Renewables

PPC targets renewables share of 65% by 2026 in new three-year plan

PPC to increase renewables to 65% by 2026 based on new three year plan

Photo: PPC

Published

January 23, 2024

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Published:

January 23, 2024

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PPC is preparing projects and products and an expansion to other markets on the way to achieving EUR 3 billion in annual earnings before interest, tax, depreciation and amortization (EBITDA) by 2030.

The Greek energy group’s management presented a three-year strategic plan at its Capital Markets Day in London. Public Power Corp. (PPC) said it aims to be at the forefront in clean energy and critical infrastructure and services in Southeast Europe.

A large part of the plan is for renewables and the reduction of CO2 emissions. PPC aims to increase green energy capacity by 18% every year until 2026 to increase its share to 65% from 43%.

The company revealed the ambition to become carbon neutral by 2040. Despite the coal plant phaseout, total installed capacity is expected to increase by 18% by 2026 due to green energy projects, PPC said.

Stassis: We aim to create value across all countries

PPC aims to invest EUR 9 billion in total from 2024 to 2026, or 130% more than in the previous equivalent period, for capital expenditure in the sectors of photovoltaics, offshore wind, storage, power grids, fiber optic networks, electromobility and other initiatives.

According to Chairman and CEO Georgios Stassis, it will create value for the group and additional value for customers, shareholders, employees and the environment across all the countries it is active in.

PPC’s regional expansion to continue

Another key target is to expand geographically, after buying out Enel’s renewables and retail network in Romania last year. Stassis did not mention specific countries during the presentation in London. However, sources close to the group point to renewable energy projects in Bulgaria as one of the next targets. PPC set the 2030 goal for renewable electricity in markets outside Greece at 1.1 GW.

It remains to be seen whether the management can achieve its objectives in a complex and challenging international environment that holds many surprises. For now, investors seem to favor PPC’s new direction, since its share price has increased by more than 60% in the past year.

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