By the end of the year, Public Power Corporation (PPC) will have shut down more than a third of its 3.4 gigawatts of coal capacity, which is slated to expire by 2023, its CEO said on Thursday.
51% state-owned and Greece’s largest energy company, PPC expects all coal-fired power plants to shut down earlier than the original 2028 target by 2025 to reduce carbon emissions as part of the country’s plan to support the European Union to reduce its climate protection goals.
“We have already shut down coal-fired power plants with a net capacity of 1.1 gigawatts since 2020, and a further 0.25 GW are to be shut down in the course of the year,” said CEO Georgios Stasis at a shareholders’ meeting. “By the end of the year, 40% of the (total) capacity of the coal-fired power plants, which our plan envisages by 2023, will be shut down,” he said.
As part of its strategy to move to clean energy, PPC plans to increase its portfolio of renewable energies to 1.5 GW by the end of 2023 and has already secured the construction of 1 GW, said Stasis. [Reuters]