PPC posted solid results in the first half (H1) of 2024, as the second quarter (Q2) continued the trend of Q1 2024.

Investments in green projects, distribution and digitization continued to increase, in line with PPC’s strategy to become a sustainable utility company.

Total investments reached 1.1 billion euro, including Romania, with significant growth in distribution and RES activities, in line with PPC’s plan to increase the share of clean energy in its electricity generation mix and continue improvement and digitization of distribution networks. Investments in renewables, distribution and digitization increased to EUR 0.8 billion, a 120% increase compared to H1 2023, including Romania’s contribution.

Installed RES capacity was 4.7GW at the end of June 2024, up from 3.5GW in June 2023. In addition, 3.3GW worth of projects are already under construction or ready for construction, in order to reaching the target of 8.9 GW in 2026 (90% of the target for 2026 is already in operation or represents projects under construction or ready for construction).

Lignite-based production fell by around 30% in H1 2024 compared to H1 2023, standing at 1.5TWh, accounting for 16% of PPC production. As a result, CO2 emissions (Scope 1) decreased by 8% compared to S1 2023. The reduction of CO2 emissions builds on the positive trend of previous years, with a reduction of 57.8% between 2019 and 2023, thus meeting the KPI- of Sustainability-Linked Senior Notes due 2028, demonstrating PPC’s commitment to making its energy mix greener.

On the other hand, renewable energy production growth increased by 65% ​​in S1 2024 compared to S1 2023, reaching 3.1TWh, which represents 33% of total PPC production.

Important operating profitability in the first half of 2024, with adjusted EBITDA of 927 million euros, up 57% compared to the first half of 2023, due to the higher contribution of the distribution activity, improved profitability of the integrated activity and the addition of operations in Romania.

Adjusted net profit reached 228 million euros, compared to 84 million euros in H1 2023. Adjusted net profit after payment of minority interests was 179 million euros, compared to 78 million euros.

Solid financial position despite accelerating investment. PPC maintained a debt ratio (Net Debt/LTM PF EBITDA in June 2024) of 2.3x, well below the self-imposed ceiling of 3.5x, with net debt of EUR 3,826 million as of 30.06.2024.

“PPC delivered another solid quarter of results following the growth trajectory it has embarked on, confirming that its profitability is moving towards a higher level than in the past while supporting its customers. We continue to invest significantly in renewable energy sources, networks and digitizing our operations to achieve the goals we set out in our business plan. We have been able to further mature our renewable energy portfolio, with 3.3 GW currently under construction or ready for construction, giving us confidence in reaching our 2026 target of 8.9 GW of total installed renewable energy capacity . For the full year, we are very confident that we will achieve our adjusted EBITDA target of €1.8 billion, based on the strong performance in the first half and the resilience of our integrated model,” said Georgios Stassis, President and CEO of Public Power Corporation.