The President and CEO of Public Power Corporation (PCC) , George Stasis, announced yesterday through a presentation of the company at Capital Markets Day in London that the company will expand into Bulgaria and cease use of lignite at its energy generation plants in Greece two years ahead of schedule.

PPC has identified renewable energy acquisition targets in Bulgaria of 500MW and is also considering other south eastern europe (SEE) countries outside of Greece and Romania to help it reach its target of 500MW in renewable energy by 2026 and 1.1GW overall.

Key drivers for the move is PPC’s goal to reduce its use of coal and lignite power by 35%, along with the 8% increase in demand.

Commenting on PPC’s use of lignite, Stasis says that the energy crisis is coming to an end so they can be more ambitious with their targets. As a result, they will cease the operation of their last lignite plant “Ptolemaidi 5” in northern Greece by 2026, two years ahead of schedule.

However, management did not elaborate on the future of the power station and if and what it will be converted into.

PPC also explained that over the next three years the group will double its production via renewable energy sources to reach 8.9GW, which represents 68% of the PPC group’s total installed capacity, driven by its partnerships in Greece, Romania, Bulgaria and other regions in SEE.

PPC was founded in 1950 by the Greek government and is now listed on the Athens Stock Exchange and has developed into the leading electricity producer and supplier in Greece.