Largest power company in Greece betting on geothermal development
Greece's largest power generation company PPC, expects geothermal energy to play a crucial role in its renewable energy efforts in Greece and sees great potential.
The company PPC S.A., the largest power generation company in Greece has announced that geothermal energy will be a crucial element in its plans for renewable energy project deployment.
Through its renewable energy subsidiary Public Power Company Renewables S.A.(PPCR), the company is active with renewable energy sources such as wind, small hydroelectric, solar and geothermal).
In the past, bad business moves by the renewables business have limited the share of renewables in its power mix at 3%, so Manolis Panagiotakis, chief executive at parent company PPC.
The company and its new board of directors is now determined to commit to renewable energy development to increase its share and expects to triple installed renewable energy fuelled power generation capacity over the next three years.
A new business plan is being worked on to establish a strategy to elevate PPC Renewables ad a key player in the renewable energy market of Greece. The company is seeing geothermal energy as a crucial element and sees major prospects for the Cyclades Islands and likely further south.
Depending still on diesel and fossil fuels for electricity generation in this region, geothermal and other renewables could help to change that.
Over the past decades, PPC has unsuccessfully invested up to EUR 62 million ($65 million) into geothermal energy research, but the company is hopeful that the prospect areas for the company in geothermal are good.
Companies in the geothermal sector such as Enel, Ormat and Mitsubishi have already expressed an interest to support Greece’s geothermal ambitions.