PPC has successfully completed the obligations it had undertaken towards the Greek Government for the supply of electricity, through forward exchange products, to Third Parties during the last three years. With the completion of the process, a pending case for PPC and the country that has lasted 15 years, i.e. since the Decision of the European Commission of 2008, regarding the concerns of the EU for the Greek Lignite and Electricity Markets, also known as the Case, is effectively closed of Lignites.
In particular, PPC managed to make available through electricity futures products on the Greek and European Energy Exchanges, based on the supply rules (volumes and prices) of the Exchanges, the quantities of energy that were defined in the commitments of the Greek Government to the European Commission for period 2021-2023. The disposal method was fully compatible with the basic operating principles of the liberalized Energy Market and PPC carried out the disposal following the market rules.
Now, PPC has fully complied with its obligations arising from the Commitments of the Hellenic Republic to the European Commission. It is recalled that these Commitments were approved by the EU. and were incorporated into Greek legislation by Law 4843 of 20/10/2021, in order to remedy the concerns of the EU, as reflected in the Decision of 5/3/2008 of the EU (C(2008) 824).
In any case, PPC’s strategy for energy production has been focused for several years on Renewable Energy Sources, to meet the challenges of the energy transition and become an agent of development for society and the economy.
Recognizing its pivotal role for a sustainable world and the sustainable future of the country, it is constantly increasing its investments in RES, mainly photovoltaics and wind turbines, in projects that make its energy mix greener. At the end of 2023, PPC will have 1GW of installed capacity from RES, up from almost zero in 2019, with a target of 5GW in 2026. State-of-the-art photovoltaic parks are currently being built in western Macedonia and the Peloponnese, which will gradually replace lignite units. Already, from 2019 to 2022, the company has reduced greenhouse gas emissions by 36%.
