Greece’s PPC will spend 3.four billion euros on grid and renewables by 2023

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ATHENS, December 2nd (Reuters). Greece’s largest energy company Public Power Corp. (PPC) will spend 3.4 billion euros to expand its presence in the renewable energy space and modernize the country’s distribution network.

The coal-dependent utility, which is 51% state-owned, has pledged to shut down all but one coal-fired power station by 2023 to help Greece cut CO2 emissions in line with the European Union’s climate targets.

In a presentation released to investors on Wednesday, PPC said that around 42% of its € 3.4 billion spending will be used to improve power distribution over the 150-mile network it now fully owns, but will partially do next year to be privatized.

PPC will also use a large portion of that sum to build solar and wind power plants, increasing its green energy capacity from just 0.17 gigawatts to 1.5 gigawatts by 2023, it said.

PPC said coal-fired power plants with an output of 3.4 gigawatts will be shut down and repurposed for combined heat and power, energy storage, biomass and hydrogen. ($ 1 = 0.8269 euros) (Reporting by Angeliki Koutantou Editing by Alexandra Hudson)