Nearly six years after it flirted with bankruptcy Greece’s biggest and dominant power utility, the Public Power Corp. (PPC), now aims for retailing operations and new sector activities to account for no less than one-fourth of its EBITDA by 2026.
A business plan for the 2024-26 period, presented last week by the ATHEX-listed power company to investment fund managers, cites a heightened emphasis on retailing aimed revolving around its current retail clients/consumers. The goal is an additional 500 million euros in EBITDA on a yearly basis.
In his address, PPC CEO Giorgos Stassis said the goal, in fact, is 2.3 billion euros in EBITDA in 2026, up from 1.5 billion euros in 2023.
The three main initiatives that PPC is promoting beyond its power production and retail-wholesale-industrial electricity supply base, is significant foray into the consumer goods sector with the purchase of the Kotsovolos chain; further promoting its auto charging network (PPC Blue) and entry into the telecoms sector with its Fiber to the Home package.
PPC was formerly the sole power monopoly, top to bottom, in the east Mediterranean country before an EU-imposed breakup and liberalization of the energy market. The Greek state still owns a large chunk of the utility and appoints its top management.