A 32% jump in the capacity of PPC’s Renewable Energy Sources was achieved in 2023 with organic growth, acquisitions and the addition of ENEL Romania’s units, according to the data it presented yesterday the president and managing director of the company Giorgos Stassis when briefing analysts on the previous year’s results.

According to the figures announced, PPC’s net profits approached 500 million euros, while – as the management had promised – the company will distribute, for the first time after ten years, a dividend this year to shareholders, individuals and the State. Furthermore, answering a related question, Mr. Stassis stated that the share buyback program will continue as the management believes in further upward prospects.

In relation to RES, at the end of 2023 the installed capacity including hydroelectric reached 4.6 gigawatts (0.6 in Romania) from 3.5 in 2022. In addition there are another 2.8 gigawatts under construction or ready to build. The goal of 8.9 gigawatts in 2026 is considered achievable by management. Combined with the withdrawal of 900 megawatt lignite-fired units, a significant reduction in carbon dioxide emissions of 34% was achieved, to 9.7 million tonnes from 14.8.

There was also a jump in investments, to 2.6 billion euros from 0.69 billion euros in 2022 mainly due to the acquisition of ENEL Romania but also investments in production, distribution and telecommunications.

Finally, it was emphasized that the goals for operational and net profitability are achieved regardless of the price reduction on the Energy Exchange, with the assistance of the revenues from the distribution network (DEDDIE).