ATHENS – The Public Power Corporation (PPC) will double electricity production from renewable energy sources within 2022, according to the plans for an increase of installed wind and solar capacity to 489 MW from the current 239 MW, presented by PPC CEO Giorgos Stassis.

In a presentation on Thursday, Stassis said that a 200-MW unit will be added in Ptolemaida and a 50-MW unit in Megalopoli, both due to be completed within six months, while other wind and solar units that are under construction will add a further 100 MW by the end of 2023. Permits held by the PPC in various stages of completion amount to 5.9 GW in total, of which 4.7 GW are solar and 1 GW are storage units. He said that 80 pct of the target for renewables in 2026 had been covered, while possible buyouts in the sector are being considered.

The figures revealed a significant acceleration of investments in networks to receive new RES, with the number of units in operation more than doubling in the first quarter of 2022 relative to the previous year, while the capacity of the new units was up 62 pct.

PPC on Thursday announced first quarter EBITDA profits of 170 million euros, down from 226 million euros in the first quarter of 2021, saying that the aim was to maintain the same levels of operating profitability as in 2021, despite the energy crisis and higher costs this entails.

It said spending to support customers with discounts reached 360 million euros.