Public Power Corporation has worked out a plan to secure power supplies under an “extreme” scenario of Russia halting gas flows to Europe, its top manager said on Wednesday.
PPC, which is 34% owned by the state, generates 50% of electricity in Greece and gas accounted for about 40% of its production mix last year.
“We are talking about extremes scenarios,” PPC’s Chief Executive Officer Georgios Stassis told shareholders, referring to the possibility of Russia halting gas supplies to Europe, which would prompt a spike in gas prices and force Europe to ration demand.
“PPC has made a good preparation for that scenario, either with alternative fuel for some of its plants and that’s why our stock yards for our coal-fired plants are also full of coal.”
He said PPC has been also very cautious with the amount of water it uses for its hydroelectric plants to make sure it has enough spare capacity.
Following the war in Ukraine, which has led to a spike in gas prices, it has ramped up purchases of liquefied gas from different countries and said it was ready to switch four gas-fired power plants to diesel in case Russian gas supplies were disrupted.