December 20, 2019 Read More →

Greek utility to speed up coal phase-out plans

Reuters:

Greece’s Public Power Corp. (PPC) will switch off its coal plants sooner than expected and expand its renewable capacity by 2024 to boost profits and help cut the country’s carbon emissions footprint, its CEO said on Monday.

Under a 2020-2024 business plan approved by the utility’s board last week, PPC plans to switch off at least 12 coal-fired units by 2023, instead of 2028 as initially planned, CEO Georgios Stassis told reporters.

PPC is 51% state-owned and provides 60% of Greece’s electricity but its finances have suffered in recent years and it still has more than 2.7 billion euros ($2.98 billion) in unpaid bills owed by customers that struggled during the country’s economic crisis.

Greece’s conservative government, which took power in July, has promised to speed up green investments and overhaul PPC by severing its ties with the government and cutting costs via mostly voluntary redundancies.

PPC wants to shut down 3.4 gigawatt of its coal fired capacity by the end of 2023 and boost its green power by 1 gigawatt by 2024 via joint ventures, to take a 10-20% share of Greece’s green energy market from 2.5% currently, Stassis said.

The government aims for wind, solar and hydroelectric power to account for at least 35% of Greece’s energy consumption by 2030, more than double the current level.
[Angeliki Koutantou]

More: Greece’s PPC wants to speed up coal phase-out, boost renewables by 2024

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