Public Power Corporation
Electrical power distribution, natural gas provider | |
Revenue | €5.706 billion (2021[1]) |
---|---|
€821 million (2021[1]) | |
€18.4 million (2021[1]) | |
Total assets | €17.779 billion (2021[1]) |
Total equity | €5.079 billion (2021[1]) |
Owner | HRADF (34.12%) CVC Capital Partners (10%)[2] |
Number of employees | 12.909 (2021[1]) |
Website | www |
Footnotes / references financial figures are in group, but excluding IPTO[3]: 7 |
The Public Power Corporation
History
PPC was founded by the Greek government in 1950. Its main purpose was to plan and apply a national energy policy which, through the exploitation of the domestic products and resources, would distribute cheap electric power to all Greek citizens. PPC started the integration of all the small local grids to the national interconnected grid. Furthermore, the corporation resolved the purchase of all the small private and local electric power production units.
Today, PPC Group consists of 3 subsidiary companies PPC S.A., the Hellenic Electricity Distribution Network Operator (HEDNO or DEDDIE) S.A. and PPC RENEWABLES S.A.[6] Even if HEDNO S.A. (the Greek DSO) is owned by PPC, HEDNO S.A. operates independently according to L.4001/2011 and in compliance with 2009/72/EC EU Directive relative to the electricity market organization.[7]
On 16 November 2021, the company completed a share capital increase that the Greek government as a shareholder chose not participate in. As a result, the Greek government's shareholding decreased from 51.12% to 34.12%, which is currently held by the country sovereign wealth fund, the Hellenic Corporation of Assets and Participations (HCAP). This change in shareholding means PPC has been privatised and is no longer controlled by the Greek government.
On 3 March 2022, CVC Capital Partners acquired 10% of the company's shareholding.
The Company’s shares are traded in the «Large Cap» category of the Athens Stock Exchange (ATHEX), while in the London Stock Exchange they are traded in the form of global depository receipts (GDRs).
The Company’s shareholding structure as of 10 March 2023 was as follows:[8]
Shareholders | Percentage |
---|---|
Hellenic Republic Asset Development Fund | 34.12% |
CVC Capital Partners | 10.00% |
Helikon Investments Ltd | 6.47% |
Goldman Sachs | 5.34% |
Covalis Capital LLP | 5.26% |
Other Shareholders | 38.81% |
Total | 100.00% |
Privatisation
In 2001, PPC carried out a share flotation on the Athens Stock Exchange and consequently was no longer wholly owned by the government, although it was still controlled by it with a 51.1% stake until 2021.[citation needed]
In June 2011, the Greek government announced it would sell 17% of its share of PPC to meet conditions of
The company was eventually privatised in November 2021, when the Greek government decreased its shareholding to 34.12%. Its remaining shareholding was subsequently transferred to the Greek sovereign wealth fund, the Hellenic Corporation of Assets and Participations (HCAP).
Renewable energy
In 1982, PPC developed the first
The PPC has committed to buying renewable-source energy from independent producers at five times its selling rate until 2034.[citation needed]
Legislation before Parliament in 2013-14 included making the PPC responsible for collection of the real estate tax, part of the EU/IMF/ECB requirements for the financial support of the economy.[citation needed]
PPC acquired 600 MW of renewable energy in Romania from Enel Green Power.[5]
Public Power Corp. acquired a wind farm in Romania from Lukoil Group in 2023, in addition to the agreed takeover of the Enel portfolio. Lukoil's asset-a special purpose vehicle called Land Power owns an 84MW system located in the province of Dobruja (Dobrogea), while a 470ha wind farm in the communes of Dorobanțu and Topolog generates more than 200GWh per year.[11]
PPC Renewables, a subsidiary of Public Power Corporation as of March 2024 operates a fleet of renewable power plants with a capacity of more than 700 MW, with a portfolio of 1 GW of projects under construction, and plans to expand its renewable energy and energy storage portfolio to a total capacity of 5 GW by 2029. The company under the project has acquired three
Power plants
The 34 major
The total installed capacity of the 97 PPC's
Carbon intensity
year | Production ( TWh )
|
Emission (Gt CO2) | kg CO2/MWh |
---|---|---|---|
2002 | 49 | 51.35 | 1050 |
2003 | 52 | 52.41 | 1004 |
2004 | 53 | 53.29 | 1015 |
2005 | 53 | 52.59 | 994 |
2006 | 52 | 50.48 | 969 |
2007 | 54 | 53.04 | 984 |
2008 | 52 | 52.2 | 996 |
2009 | 50 | 49.7 | 992 |
Mining areas
PPC has mining areas adjacent to many of its power plants. Some of these power plants produce electricity and power from lignite, while other plants use coal. The largest mining areas are located around Ptolemaida, around Amyntaio in the Florina prefecture and around Megalopolis.[citation needed]
Romania
The operations in Romania acquired on the 25th of October, 2023 from
Legal issues
In 2005, PPC was found to have awarded a contract for the construction of a conveyor-belt system for waste produced at its generating plant in Megalopolis without following correct advertising procedures under EU public procurement law. The need for the system had arisen following an environmental impact assessment, after which the Greek Ministry of the Environment, Urban Planning and Public Works had imposed a deadline of December 2000 for the installation of the system. PPC had therefore decided to negotiate a deal for the construction instead of advertising the opportunity; the court held that these circumstances did not quality as "extreme urgency" for the purposes of the procurement regulations.[4]
See also
References
- ^ a b c d e f "Financial Report of the year 2021". Retrieved 2022-08-22.
- ^ "Archived copy" (PDF). Archived from the original (PDF) on 2021-09-06. Retrieved 2022-01-20.
{{cite web}}
: CS1 maint: archived copy as title (link) - ^ Annual Report 2017
- ^ a b InfoCuria, Commission of the European Communities v Hellenic Republic, Case C-394/02, published 2 June 2005, accessed 5 October 2022
- ^ a b c "Enel finalized the sale of its Romanian operations to PPC". enel.com. Retrieved 25 October 2023.
- ^ "PPC Group - PPC S.A." www.dei.gr. Retrieved 13 February 2020.
- ^ "Profile - HEDNO S.A." www.deddie.gr. Retrieved 13 February 2020.
- ^ "Profile - athexgroup.gr".
- ^ Granitsas, Alkman (20 June 2011). "Strike Forces Power Cuts in Greece". Wall Street Journal. Retrieved 17 August 2017.
- ^ el:Αιολικό πάρκο Κύθνου
- ^ "Greek PPC continues expansion in Romania with wind park purchase". Balkan Green Energy News. Archived from the original on 2024-02-13. Retrieved 2024-03-31.
- ^ "Reed Smith advises PPC Renewables S.M.S.A on acquisition of wind projects portfolio from Intrakat S.A." Reed Smith. Archived from the original on 2024-03-31. Retrieved 2024-03-31.
External links
- Official website
- Financial Data 2014 (PDF; 3,1 mb)