PPC, Greece's largest energy company, announced recently that it will spend 3.4 billion Euros to expand its footprint in renewable energy and modern electricity distribution network by 2023.
This is in line with the EU's goal of reducing the carbon footprint of all coal-fired power plants by 51% under the climate change initiative. The first step is to shut down a coal-fired power plant by 2023.
On Wednesday, PPC disclosed in a statement to its investors that it will spend 34 billion Euros to develop renewable energy and promote the modernization and upgrading of the national power distribution network. Among them, about 42% of the funds will upgrade the existing distribution network, and the private ownership reform is planned to start next year.

At the same time, PPC also plans to spend more than half of its investment on building new solar and wind power plants, so that its installed renewable energy capacity will reach 1.5 GW by 2023, which is currently 170 MW.

PPC said its coal-fired power plants, with an installed capacity of 3.4 GW, will be phased out and reused, including combined power generation, biomass power generation, hydrogen power generation and energy storage.

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