Despite the energy crisis and the launch of production costs, the goal set by PPC’s business plan for profitability in 2021, will be achieved. This was stated by company sources, adding that the results of 2022, if there are no even greater turmoil in the international market, will be even better.
It is noted that the target of operating profitability for 2021 is set close to 800 million euros, while for this year the main source of concern is related to consumer resilience. “At present, despite the increase in prices at the end of 2021, the overdue debts to the company last year have decreased,” the same sources said. He added, however, that maintaining the current price level (although it is estimated that January was the worst month) is not sustainable for most consumers and especially professionals who – due to higher consumption – are more burdened. For this reason, the company will continue its customer support policy with the application of discounts, in addition to the decisions of the State for subsidizing consumers that apply to all suppliers.
The main estimate of PPC, always without international surprises, is that the substantial de-escalation of prices will come in 2023, when they will return to the levels of 2019. All this time the strategy of protection of the company (“hedging”) against price increases continues in fuels and carbon dioxide emissions.
Regarding the planning for the year:
-At the end of the month, the transaction for the sale of 49% of HEDNO is expected to be completed, with the payment of the price by the buyer.
-The income from HEDNO and the recently completed share capital increase ensure the financing of the business plan without the need for recourse to new borrowing during the year.
-In the summer, the new lignite power plant Ptolemaida 5 will be put into trial operation with the prospect of commercial operation at the end of the year. The plan to convert it to a natural gas unit will proceed as announced by adding hydrogen combustion to meet the latest European requirements.
-The market research in the Balkans continues in search of opportunities for the acquisition of RES units. Agreements are expected at the end of the year.
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