PPC swings to core profit
 on lower energy costs

Greece's biggest power utility Public Power Corporation (PPC) made a core profit in the first quarter of the year, helped by a drop in energy costs due to worldwide coronavirus lockdowns, it said on Tuesday. 

PPC, which is 51% state-owned and plans to switch off all its coal-fired plants but one by 2023, said recurring earnings before interest, tax, depreciation and amortization (EBITDA) came in at 182 million euros, compared with a core loss of €66.3 million in the same period last year.
Despite lower electricity demand during a lockdown that Greece imposed to stop the spread of the novel coronavirus, PPC benefited from lower fuel, natural gas and carbon emissions costs for its plants.
PPC, which provides 60% of Greece's electricity, has seen its finances suffer in recent years and still has more than €2.7 billion in unpaid bills owed by customers who struggled...