A doubling of net profits was announced by ADMIE for 2023 compared to 2022. In particular, the group’s net profits amounted to 116.6 million from 58.2 million in 2022, recording an increase of 100.3%, while a significant increase was also recorded in the comparable operating profits EBITDA ( from 189.6 million to 278.1 million)

Its president ADMIE Manos Manousakis said about it:

“I am pleased with the strong growth and the record performance of the ADMIE Groupas we continue to expand and upgrade electrical system infrastructure.

In 2023, we made significant progress in our investment program, which aims to support Greece’s energy transition. Our major projects are progressing intensively. The Crete-Attica interconnection is expected to be put into commercial operation by 2025, the construction of the SW Cyclades interconnection is in full progress, while the tender has also started for the interconnections in the Dodecanese and the NE Aegean.

We are committed to providing stable and uninterrupted electricity to every corner of the country while also investing in strategic international connections with Germany, Italy, the Balkans, North Africa and the Middle East. These projects will contribute to the transformation of Greece into a net exporter of ‘green’ electricity, while accelerating the decarbonisation of Europe’s energy mix.

By planning and implementing strategic interconnection projects and efficiently and safely operating a system where renewable sources represent more than 50% of the energy mix, we reduce electricity bills for consumers and contribute to the sustainable economic development of the country.”

The increase in investments was also significant of the group which amounted to 644 million euros (2022: 335.9 million euros).

Expenditures for the main projects underway in 2023 include:

– An amount of 242.9 million euros for works in the context of the construction project connecting Crete – Attica.

– An amount of 149.3 million euros for Cyclades interconnection works

– An amount of 110.8 million euros for projects connecting Greece – Cyprus – Israel

– An amount of 29.1 million euros for circuit upgrade works in the Ionian Islands

– An amount of 10.9 million euros for the Greece-Bulgaria interconnection