Greece's Public Power Corp raises 2024 profit guidance after strong first quarter
Rewrites story throughout
May 20 (Reuters) -Greece's biggest utility Public Power DEHr.AT on Monday raised its core profit guidance for the full year after reporting astrong first quarter.
PPC, which operates the country's main power grid, said it expectsrecurring earnings before interest, tax, depreciation and amortisation (EBITDA) of 1.8 billion euros ($1.96 billion) this year.
Its previous estimate stood at 1.7 billion euros.
EBITDA came in at 459 million euros in the January-to-March period, a 64% annual rise, driven by a stronger power distribution business and the contribution of its Romanian assets which itbought from the Italian electricity producer Enel last year.
PPC has been looking to upgrade the Greek power grid by speeding up the installation of smart meters and boosting its green energycapacity to 8.9 gigawatt by 2026 from 4.7 gigawatt currently.
($1 = 0.9205 euros)
Reporting by Angeliki Koutantou
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