Public Power Corporation S.A.

Public Power Corporation S.A.
Δημόσια Επιχείρηση Ηλεκτρισμού Α.Ε.
Anonymi Etairia
Traded as Athex: PPC
Industry Electricity
Founded 1950 (1950)
Headquarters Athens, Greece
Key people
 Emmanuel Panagiotakis (Chairman & CEO)
Products Electric power
Services Electrical power distribution
Revenue €4.452 billion (2015)[1]
€994.57 million (2015)[2]
€773.42 million (2015)[3]
Total assets €17.483 billion (2015)[4]
Total equity €6.063 billion (2015)[5]
Owner Greek Government (34.12%)
Number of employees
 22,460 (2015)[6]
Website www.dei.gr

The Public Power Corporation S.A. (Greek: Δημόσια Επιχείρηση Ηλεκτρισμού (Dimosia Epicheirisi Ilektrismou); ΔΕΗ) is the biggest electric power company in Greece. It is controlled by the Greek government, which owns a majority of the issued shares.

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 4 subsidiary companies PPC or DEI S.A., HEDNO or DEDDIE S.A., IPTO or ADMIE S.A. and PPC RENEWABLES S.A.[7]

Shareholders

In the past five years there has been no change in the share capital of the Company. 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 Depositary Receipts (GDRs).

The Company’s shareholding structure as on the 31st of December 2014 was as follows:[8]

Shareholders Percentage
Greek Government 34.12%
Hellenic Republic Asset Development Fund 17.00%
IKA-ETAM/TAP-PPC and TAYTEKO/TEAPAP-PPC (PPC’s Pension Funds) 3.81%
Institutional Investors & general public 45.07%
Total 100.00%

Economy

In 2001, PPC carried out a share flotation on the Athens Stock Exchange and consequently is no longer wholly owned by the government, although it is still controlled by it with a 51.1% stake.

In June 2011, the Greek government announced it would sell 17% of its share of PPC to meet conditions of EU/ECB/IMF loan package. The workers of PPC responded by limited power cuts to selected towns across Greece.[9] However, this plan is now is jeopardy as the incoming Tsipras Government has decided to suspend the privatization of PPC as one of its first anti-austerity measures.

Renewable energy

PPC has developed the first Wind Farm in the world, combined with a Photo-voltaic Station to supply electricity to the isolated power system of the island of Kythnos in 1982.[10]

The PPC has committed to buying renewable-source energy from independent producers at five times its selling rate until 2034.

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.

Power plants

The 34 major thermal and hydroelectric power plants and the 3 wind farms of the interconnected power grid of the mainland, as well as the 60 autonomous power plants located on Crete, Rhodes and other Greek islands (33 thermal, 2 hydroelectric, 18 wind energy and 5 photovoltaic parks) form PPC's industrial assets and constitute the energy basis of all financial activities of the country.

The total installed capacity of the 97 PPC's power plants is currently 12,760 MW with a net generation of 53.9 TWh in 2007.

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 between Kozani and Ptolemaida, around Amyntaio in the Florina prefecture and around Megalopolis.

References

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