PPC recorded a solid performance again in 2024, with adjusted EBITDA increasing to 1.8 billion euros – an increase of 41% compared to 2023. Investments in renewable energy sources (RES), flexible generation, as well as in distribution and digitalization projects continued to increase, capitalizing on the opportunities offered by the energy transition and reducing the risks associated with the gradual elimination of lignite.
Total investments reached 3 billion euros, recording a significant increase in distribution and RES activities, in line with PPC’s plan to increase the share of clean energy in its generation mix and to improve and digitalize distribution networks. The bulk of these investments are destined for development, with approximately 85% of the total allocated to RES, flexible generation and electricity distribution.
“2024 was another year of solid performance for PPC, reaching 1.8 billion euros in terms of EBITDA, which means that we have practically doubled our operating profitability in the last three years, compared to 2021, when the share capital increase was carried out. This increase was also reflected in the net financial results, allowing us to increase the dividend distribution to 0.40 euros per share for 2024,” said Georgios Stassis, President and CEO of Public Power Corporation.
“In addition, we have increased our investments to approximately EUR 3 billion, focusing mainly on renewable energy and distribution projects, in line with our goal of becoming a leading player in clean energy and powertech in the South-Eastern Europe region. We have significantly increased our renewable energy capacity to 6.2 GW and are on track to phase out lignite by 2026. At the same time, PPC further reduced electricity tariffs for its customers in 2024, absorbing price volatility in the wholesale energy market.
This performance demonstrates the resilience of our integrated model, which provides us with both stability in a volatile market environment and opportunities for further growth. Looking ahead, we rely on this model to implement significant investments, while respecting the profitability targets set in our Strategic Plan, with the aim of creating value for our shareholders, customers and the countries in which we operate.”
RES installed capacity reached 5.5 GW at the end of 2024, up from 4.6 GW in 2023, currently reaching 6.2 GW with the completion of projects totaling 0.7 GW. A significant increase in RES installed capacity is expected in the coming quarters, given that there is already a portfolio of 3.7 GW of projects under construction, in the preparation for construction phase or in the tender phase.
Lignite-based production decreased by around 28% in 2024 compared to 2023, reaching 3.2 TWh, which represents 15% of total PPC production. On the other hand, production from renewable sources (RES) recorded a slight increase compared to the previous year, despite a reduced hydropower production due to lower water inflow into reservoirs, reaching 6.2 TWh, equivalent to 29% of total PPC energy production. As a result, CO₂ emissions intensity (Scope 1) decreased by 2% compared to 2023.
PPC’s efforts for a cleaner and more flexible power plant portfolio are also reflected in its CDP score, which increased by one level for the second consecutive year, reaching B. PPC’s inclusion in the London Stock Exchange’s FTSE4Good index was also an important milestone. Furthermore, in 2024, the Science Based Targets Initiative (SBTi) certified the validity of PPC’s short- and long-term greenhouse gas emission reduction targets, confirming that these targets are fully aligned with the 1.5°C target set by the Paris Agreement and the goal of achieving net zero emissions across the entire value chain by 2040.
PPC also improved its ESG Transparency Score rating of the ATHEX ESG Index, achieving a positive score of 91% following an extensive analysis of several criteria across the Environment – Social – Governance pillars. This score places PPC among the top companies in the Greek market in terms of ESG performance.
Operating profit was up in 2024, with adjusted EBITDA reaching €1.8 billion, up 41% compared to 2023. This improvement was driven by the higher contribution of the Greek activities, both in distribution and in the integrated business segment, as well as the consolidation of the Romanian operations for the full year compared to 2023, and the addition of Kotsovolos in Greece.
Adjusted net profit stood at 426 million euros in 2024, compared to 206 million euros in 2023, and adjusted net income after minority interests reached 365 million euros, up from 140 million euros.
The net gearing (net debt/EBITDA) was of 2.8x in 2024, well below the self-imposed ceiling of 3.5x, with net debt of 5.1 billion euros as of 31.12.2024.
