A medium-term strategic plan for state-run Public Power Corp. (PPC), the dominant electricity provider in the country, reportedly foresees the gradual increase in operational profitability up to one billion euros until 2024.
The five-year plan for the ATHEX-listed utility was approved on Friday evening by PPC's board of directors, in the wake of successive recent years of major annual losses for what was for decades Greece's power monopoly, in a vertical succession from lignite pit, to power production, transmission, grid operation and right up to delivering kilowatts to the meter of each home, business and factory in the country.
The plan, set to be unveiled on Monday, reportedly cites an EBITDA goal of 650 million euros for 2020, rising to 850 million euros with the allocation of 200 million euros owed by the state for subsidized power, mainly for off-grid islands and low-income households.
Operational profitability for 2021-23 will also, based on forecasts, at least, hover at between 650 and 700 million euros, with the goal being one billion euros in EBITDA in 2023.
In terms of personnel and labor costs, both PPC and the now independent Hellenic Electricity Distribution Network Operator (DEDDHE) are projected to employ 11,500 people by 2024.
A reduction in staff will mainly come from lignite-fired power units and lignite pits, which are set for an eventual closure, with scheduled retirements and a voluntary retirement plan eyed. At the same time, 1,000 new hirings until 2024, mainly technical and skilled staff.