A small Greek miracle: the PPC transformation

Greece’s Hellenic Public Power Corporation embarked on a remarkable transformation journey in 2019. Elena Giannakopoulou talks to Areti Ntaradimou about then and now.

Less than five years ago, Greek energy company Hellenic Public Power Corporation (PPC) was on the brink of bankruptcy. Today it is robust, with significant investments both in Greece and abroad.

Greek Prime Minister Kyriakos Mitsotakis has described this as a “small miracle”.

Elena Giannakopoulou, PPC’s Chief Strategy Officer, explains that this turnaround was driven by a strategic shift in 2019, focusing on three critical pillars: phasing out lignite in favour of renewable energy, digitalising and modernising the energy grid, and empowering consumers to benefit from the energy transition.

Giannakopoulou is responsible for developing and executing the Group’s strategy on decarbonisation and the energy transition, and as such is part of the team that produced the “small miracle”. I sat down with her at the Eurelectric Power Summit in Athens to explore Greece’s changing energy landscape.

The Greek Prime Minister called PPC a “small miracle.” How did it happen? Was it due to favourable regulations, strategic funding, or something else?

We’ve indeed come a long way in the last five years. Back in 2019, we communicated a new strategy focused on three main pillars, all of which are crucial in today’s energy landscape. Greece’s Hellenic Public Power Corporation embarked on a remarkable transformation journey in 2019.

Elena Giannakopoulou talks to Areti Ntaradimou about then and now. A small Greek miracle: the PPC transformation The first pillar was the shift towards renewable energy and away from lignite, which has historically been an expensive and environmentally taxing way to generate electricity.

We shifted our focus to renewable energy, which has proven to be the most cost-effective way to generate electricity today. The value proposition was that renewables, like solar and wind, not only make economic sense but also align with our climate goals.

The second pillar involved the digitalisation and enhancement of our assets and operations including our distribution grid.

We own the distribution grid in Greece and Romania, and modernising this infrastructure is essential to achieving our net-zero goals and enabling the energy transition. Without a modern, digitalised grid, we can’t fully integrate renewables or offer the reliability that consumers expect.

The third pillar is centred on our customers. Today’s consumers have access to a variety of technologies and products that allow them to participate in the new energy system.

We see our role as providing them with the tools and technologies they need to benefit from the energy transition, whether it’s through more cost-competitive electricity, electric mobility solutions, or other innovations.

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Some argue that the lignite phaseout happened too quickly, leading to higher electricity imports and, consequently, higher prices. What are your thoughts?

The phase-out of lignite was necessary. Lignite-fired generation is not only environmentally harmful but also economically unsustainable. Even with the current carbon pricing, it remains the most expensive way to generate electricity in Greece. Our markets are interconnected, and electricity will always flow to where it’s most needed or cost-effective. This interconnectedness is a great opportunity for Greece to develop its clean, cost-competitive energy and potentially become an electricity exporter. In fact, Greece has recently transitioned to being a net exporter of electricity, for a few days of the year.

What about energy security? Can we ensure that we’ll keep the lights on, especially during critical periods?

We’ve already demonstrated that we can maintain energy security, even during the recent energy crisis. However, energy security shouldn’t be approached at just a national level. It’s more cost-effective and realistic to leverage the complementarity of renewable resources across Europe. Greece has abundant and cheap solar resources, while other countries have different strengths. By working together, we can ensure a stable supply while also meeting our climate goals.

While floods in Greece have been devastating, I was surprised by the lack of blackouts in the region. How was that accomplished?

It was a combination of close cooperation with various stakeholders and optimising every part of our system. We employed demand response, maximised the use of our hydro plants, and relied on our neighbouring countries’ support. It was a team effort.

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Energy affordability is another major concern, especially for households that struggle with current prices. How are you addressing this issue?

Renewable energy is inherently more cost-competitive, and as we increase its penetration, we should see overall prices decrease. Additionally, we’re providing consumers with solutions to reduce their energy bills, such as installing solar panels or improving home energy efficiency.

While these investments do require upfront costs, we’re working on ways to make them more accessible, including financing options and leveraging government subsidies. This is where policymakers also play a critical role in providing the necessary support.

Is PPC also focused on rolling out smart meters? Greece is still struggling to implement them compared to other countries.

Yes, we are accelerating the deployment of smart meters as part of our broader strategy to modernise the grid. While we started from a low point, we now have an ambitious plan to catch up and support the integration of more renewables into the grid.

With the increasing focus on renewable energy, is the grid ready to handle renewable integration?

Our grid is improving, but there’s still work to be done. We’ve focused a lot on deploying renewable generation, which is essential. However, the grid infrastructure, both nationally and across Europe, needs to be further enhanced to handle the increased load and ensure we can fully benefit from renewable energy.

Geopolitical tensions can complicate cross-border energy collaboration. Do you see this as a potential obstacle?

It’s true that geopolitical issues can pose challenges, but within the European Union there’s a strong framework that supports market coupling and grid interconnections. The focus is on enhancing infrastructure, which will facilitate the flow of electricity and strengthen energy security across the region.

Digitalisation is also a key factor. How is the digitalisation of the Greek infrastructure progressing?

We’ve made significant strides in digitalising our assets, particularly our hydro plants, which are crucial for providing clean and flexible energy. We’ve also created digital twins for some of our thermal assets, allowing us to optimise their operation in a competitive market.

You are mentoring young women in the energy sector. Could you share more about this initiative?

The energy sector is incredibly exciting right now, especially with the rapid pace of change. I believe that diverse perspectives, whether from different genders or backgrounds, are essential for driving innovation and finding new solutions. I encourage young women to get involved and contribute their unique insights.

Mentoring is just one way to support them, and I’m always open to connecting with and helping those interested in this field. The challenges we face, particularly around climate change, require all hands on deck, and I’m optimistic about what we can achieve together.