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Greece's largest power utility, PPC, has announced that it will spend 3.
4 billion euros to expand its footprint
in renewable energy and modern distribution networks by 2023.
The state-owned 51 percent power utility relies heavily on coal but plans to close all of its coal-fired power stations to reduce its carbon footprint, in line with the European Union's climate change goals
.
The first step is to shut down a coal-fired power station
by 2023.
In a presentation to its investors on Wednesday, PPC revealed that it would spend 34 euros to develop renewable energy and modernize the
country's distribution network.
About 42 percent of the funding will be used to upgrade existing distribution networks, with private ownership reforms
scheduled to begin next year.
PPC also plans to spend more than half of its investment on new solar and wind power plants, bringing its installed renewable energy capacity to 1.
5 GW by 2023, compared with 170 MW
currently.
PPC said that the company's 3.
4 GW of coal-fired power plants will be phased out and reused, including cogeneration, biomass power, hydrogen power generation and energy storage
.
Greece's largest power utility, PPC, has announced that it will spend 3.
4 billion euros to expand its footprint
in renewable energy and modern distribution networks by 2023.
The state-owned 51 percent power utility relies heavily on coal but plans to close all of its coal-fired power stations to reduce its carbon footprint, in line with the European Union's climate change goals
.
The first step is to shut down a coal-fired power station
by 2023.
In a presentation to its investors on Wednesday, PPC revealed that it would spend 34 euros to develop renewable energy and modernize the
country's distribution network.
About 42 percent of the funding will be used to upgrade existing distribution networks, with private ownership reforms
scheduled to begin next year.
PPC also plans to spend more than half of its investment on new solar and wind power plants, bringing its installed renewable energy capacity to 1.
5 GW by 2023, compared with 170 MW
currently.
PPC said that the company's 3.
4 GW of coal-fired power plants will be phased out and reused, including cogeneration, biomass power, hydrogen power generation and energy storage
.
