Climate Change Data

Environmental Metrics

Environmental Achievements

• Completed repair and upgrade works of Unit’s III Cooling Tower of Megalopolis A’ lignite Power Station and put into semi-commercial operation the Flue Gas Desulphurization System (FGD) of the same Unit
• Systematically optimized the lignite mix in the Units of the Northern System
• Implemented a series of upgrade Projects in the existing Units and their pollution control equipment
• awarded and implemented the Project “Transportation and disposal abroad of waste asbestos cement from upgrade works in Unit’s III Cooling Tower of Megalopolis A’ Station”
• systematic boost in adapting the already operating Environmental Management Systems (EMS) of Power Plants to “ISO 14001:2004” Standard

Social Achievements

• Introduced an additional modern system of Customers’ Information for Programmed Electricity Outage
• Since 15.07.2009, a pilot of the Customers’ Metering Reception System has been operational in the regions of Magnesia and Lesvos

Climate Goals & Targets

Environmental Challenges

• High volatility of imported fuel prices
• Delay in expropriation procedures
• Landslides occured in the Amynteon Mine internal Dump and in the east slopes of Horemi mine in Lignite Center of Megalopolis
• Complaint against the European Commission’s Decision regarding lignite extraction rights
• Construction of the plant is delayed due to antiquities found on the construction site and difficulties about the progress of the permissions
• delay of issuance of the building permit

Mitigation Strategies

• established a mechanism for handling changes of the international fuel prices, the ‘’fuel clause’’
• all appropriate actions have been taken and the developments are monitored
• PPC has timely (on 19.10.09) and lawfully submitted an application for annulment of the said decision of the Commission before the CFI of the European Communities
• revised time schedule which anticipate the completion of the project within 25 months

Supply Chain Management

Climate-Related Risks & Opportunities

Physical Risks

• Flooding

Transition Risks

• Regulatory changes, market shifts

Reporting Standards

Frameworks Used: IFRS

Certifications: ISO 14001:2004

Third-party Assurance: Vassilios Kaminaris, Ernst & Young (Hellas)

Environmental Metrics

ESG Focus Areas

• Environmental
• Social
• Governance

Environmental Achievements

• Investments in new, more efficient and environmental friendly units, for the replacement of old and inefficient plants
• Promotion of renewable investments in order to increase their participation in our energy mix
• Environmental Management Systems (EMS) of Arachthos and Aliakmonas Rivers’ Hydros were certified by Independent Certification Bodies. A total of 19 EMS, which are reevaluated annually, have by now been certified by Independent Certification Bodies.

Social Achievements

• Focus on customer-centered sales philosophy in conjunction with the rationalization of tariffs, and the abolition of the current distortions in the electricity market
• Ensuring uninterrupted power supply for the consumers after the collapse – during two time spans- of the alternative Electric Power Suppliers.
• Improvement of Customer Services

Governance Achievements

• Optimization of business and financial risks management
• Corporate Governance code, drafted and applied by PPC provides a description of the composition, competence and functioning of the governing bodies, the Committees of the Board of Directors and their competences.
• The corporate governance code is posted on the web site of the Company

Climate Goals & Targets

Environmental Challenges

• Important changes, mainly relating to the regulatory framework governing the energy market liberalization, which impact significantly its operating model.
• Persisting recessionary conditions and lack of liquidity in the economy and the banking sector.
• Difficulty to find financing within the Greek Economy, as well as the difficulty in accessing international capital market

Mitigation Strategies

• Cost cutting actions, over and above the significant reduction in total payroll cost achieved
• Investments in new, more efficient and environmental friendly units, for the replacement of old and inefficient plants, with the implementation of strict criteria so as to optimize the use of resources and secure the maximum possible return for the Company
• Expansion in foreign markets through partnerships

Supply Chain Management

Climate-Related Risks & Opportunities

Reporting Standards

Frameworks Used: IFRS

Certifications: ISO 14001 (for some hydro plants), ELOT 1801 (for some power plants)

Third-party Assurance: Ernst & Young (Hellas)

Awards & Recognition

• Management Award for Sustainable Development in the contest of Greek Enterprises’ Awards for the Environment (2011 – 2012)

Environmental Metrics

ESG Focus Areas

• Economy
• Environment
• Society

Environmental Achievements

• Reduced CO2 emissions rate of overall power production system by around 15% compared to 1990 (1.3 t CO2 / MWh)
• Successfully carried out annual re-evaluation inspections for Environmental Management Systems (ISO 14001:2004) at various power plants.
• Completed pilot implementation of dry desulphurisation at Unit III at the Agios Dimitrios Plant.
• Commissioned Unit V at the Aliveri Steam Electric Plant (combined cycle unit).

Social Achievements

• Implemented incentives for staff to move to ‘problematic’ areas (the Greek islands), providing accommodation.
• Published PPC Occupational Physician manual.
• Ran a career guidance event for young people from the Prefecture of Florina.
• Provided financial aid for various projects in environment, sports, culture and education (€1,249,000).

Governance Achievements

• Adopted and implemented a Code of Corporate Governance.
• Established the Corporate Social Responsibility Section within the Strategy Department.
• Repeated the process of defining material issues using stakeholder feedback.

Climate Goals & Targets

Environmental Challenges

• Harsh economic conditions in Greece.
• High average age of staff and limitations on recruitments.
• Rise in the special greenhouse gas emission reduction charge (€1 billion in 2014 compared to €100 million in 2011).
• Need to improve PPC’s corporate operations, management, and corporation-employee relations.

Mitigation Strategies

• Implemented measures to improve collection rates and reduce accumulated debts.
• Adopted PPC staff mobility rules and provided incentives for staff to move to the Greek islands.
• Planned recruitments of 600 full-time staff.
• Implemented investment projects to replace obsolete power plants with new, environmentally-friendly ones.

Supply Chain Management

Responsible Procurement

• Agreements with local suppliers
• Inclusion of clauses in contracts to ensure contractor compliance with labour and insurance law.

Climate-Related Risks & Opportunities

Reporting Standards

Frameworks Used: GRI G3.1

Certifications: ISO 14001:2004 (various power plants), ELOT EN ISO 9001:2008 (Occupational Health and Safety Department)

Third-party Assurance: KPMG Advisors A.E.

Awards & Recognition

• Best Public Sector Corporation at the Hrima - George Ouzounis Business Awards 2014
• Platts Top 250 Global Energy Corporation Rankings for 2014
• Gold Award in ‘Public Utilities’ and ‘Emergency Readiness’ categories at Health and Safety Awards
• Silver Award in ‘Training and Awareness Raising Initiatives’ and ‘Emergency Readiness’ categories at Health and Safety Awards
• Silver Prize in Electrical Power category at 2014 Facilities Management Awards

Environmental Metrics

ESG Focus Areas

• Economy
• Environment
• Society

Environmental Achievements

• Reduced CO2 emissions by 12.7% compared with 2014. Average rate of CO2 emissions from thermal plants down 4.0% compared to 2014.
• Final withdrawal from service of old, inefficient power plants and minimal use of others had a positive impact on greenhouse gas emissions.
• Skyros LPP successfully developed an Environmental Management System (EMS) in preparation for ISO 14001 certification.

Social Achievements

• New Collective Labour Agreement signed.
• Implemented a new pricing policy to reward paying residential customers and support businesses.
• Provided financial aid for various projects in sports, society, energy, environment, culture, and education (€928,000).

Governance Achievements

• Implemented a Corporate Governance Code.
• Established an Audit Committee and a Remuneration Committee.
• Implemented procedures to avoid conflicts of interest.

Climate Goals & Targets

Environmental Challenges

• Aging workforce and restrictions on recruitment.
• Significantly increased outstanding client debt payments.
• Regulatory issues and uncertainty due to market liberalization.

Mitigation Strategies

• Implemented a comprehensive program of actions to improve revenue inflows, including debt management and repayment plans.
• Actively involved in shaping public policy and addressing regulatory issues.
• Continued efforts to recruit qualified personnel and implement employee training programs.

Supply Chain Management

Supplier Audits: Not disclosed

Responsible Procurement

• Preference given to local suppliers; contract clauses to ensure contractor compliance with labor and insurance law.

Climate-Related Risks & Opportunities

Physical Risks

• Not disclosed

Transition Risks

• Not disclosed

Opportunities

• Not disclosed

Reporting Standards

Frameworks Used: GRI G4

Certifications: ISO 14001, OHSAS 18001, ELOT EN ISO 9001:2008

Third-party Assurance: KPMG

Sustainable Products & Innovation

• Greenpass (Guarantee of Origin)

Awards & Recognition

• Platts Top 250 Global Energy Corporation Rankings, Chrima - George Ouzounis Business Awards, Hellenic Responsible Business Awards, Health and Safety Awards.

Environmental Metrics

ESG Focus Areas

• Economy
• Environment
• Society

Environmental Achievements

• 94% of PPC power is generated by environmentally certified Power Plants
• Ptolemaida - Amyntaio Lignite Center is ISO 14001-certified
• 25% reduction of PPC’s Units CO2 emission factor compared to 1990
• 700 hectares have been restored in the area of Megalopolis Lignite Center
• 3,002 hectares have been restored in the area of the Ptolemaida Mines

Social Achievements

• Supported local communities in areas where PPC’s power plants are in operation, funding infrastructure projects, environment protection projects, and local economy stimulation projects amounting to EUR 24.2 million
• Granted EUR 6.8 million for archaeological salvage excavations at the mines of Ptolemaida and Amyntaio
• Provided 135,000 hours of training to 8,000 employees
• Approximately 40,500 training hours concerned Occupational Health and Safety
• Implemented the district heating program, playing a determining role in the reduction of heating costs of households and businesses
• Granted EUR 1.4 million in 2017 for social responsibility policy in favour of vulnerable groups of consumers and programs of cultural and sporting development
• Approximately 690,000 customers joined the Social Residential Tariff (SRT)

Governance Achievements

• Adopted and implements a Code of Corporate Governance
• Established the Director of Regulatory Compliance position
• Established a “Business Ethics and Compliance Programme”

Climate Goals & Targets

Environmental Challenges

• Ageing workforce coupled with restrictions on new recruitments
• High average age of staff
• Overdue debts
• Market deregulation
• Climate change and CO2 trading rights
• Hydrological conditions
• Laws and regulations concerning the environment
• Natural disasters

Mitigation Strategies

• Voluntary retirement scheme for employees
• Implemented a comprehensive set of actions to improve debt collection rates
• Established the Risk Management, Planning and Control Department
• Investing in new technologies and services
• Expanding into new markets
• Developing a system to identify and respond to situations affecting business continuity
• Implementing control and prevention programmes based on systematic monitoring of PPC’s activities

Supply Chain Management

Responsible Procurement

• Agreements with local suppliers
• Inclusion of clauses in contracts to ensure contractor compliance with labour and insurance law

Climate-Related Risks & Opportunities

Reporting Standards

Frameworks Used: GRI Standards, AA1000 Accountability Standard, Greek Sustainability Code

Certifications: ISO 14001, ISO 22301:2012 (Megalopolis Lignite Centre), ISO 9001/2015 (Electricity Market Unit)

Third-party Assurance: KPMG

UN Sustainable Development Goals

• Goal 7 (Affordable and clean energy)
• Goal 13 (Climate action)

PPC's activities contribute to these goals through investments in renewable energy sources, energy efficiency improvements, and greenhouse gas emission reduction initiatives.

Awards & Recognition

• Golden prize in the 2017 Facilities Management Awards
• 1st prize in the “Best public company for 2017” category at the CHRIMA 2017 Business Awards
• Included in the Platts Top 250 Global Energy Company Rankings for 2017

Environmental Metrics

ESG Focus Areas

• Climate Change

Environmental Achievements

• Reduced Scope 1 CO2 emissions by 33% from 2019 to 2020

Social Achievements

• Not disclosed

Governance Achievements

• Not disclosed

Climate Goals & Targets

Environmental Challenges

• High carbon intensity compared to European peers, reliance on lignite power plants

Mitigation Strategies

• Phasing out lignite plants by 2023, increasing investment in renewable energy sources (aiming for 15% renewable capacity by 2023)

Supply Chain Management

Supplier Audits: Not disclosed

Responsible Procurement

• Not disclosed

Climate-Related Risks & Opportunities

Physical Risks

• Not disclosed

Transition Risks

• Not disclosed

Opportunities

• Not disclosed

Reporting Standards

Frameworks Used: Sustainability-Linked Bond Principles 2020

Certifications: ISO 9001 (for Occupational Health and Safety Department)

Third-party Assurance: EY

UN Sustainable Development Goals

• SDG 7, SDG 9

Reduction in Scope 1 CO2 emissions contributes to affordable and clean energy and industrial innovation and infrastructure.

Sustainable Products & Innovation

• Not disclosed

Awards & Recognition

• Not disclosed

Environmental Metrics

ESG Focus Areas

• Energy Transition
• Customer Centricity
• Digital Transformation
• Climate Change
• Environmental Risk Management
• Renewable Energy
• Economic Performance
• Employment
• Employee Training and Development
• Health and Safety
• Human Rights
• Corporate Governance
• Business Ethics
• Regulatory Compliance
• Emergency Preparedness
• Stakeholder Engagement
• Supply Chain Responsibility
• Biodiversity
• Circular Economy
• Social Contribution
• Community Relations

Environmental Achievements

• Reduced CO2 emissions from electricity generation by 22% compared to 2018 (from 29.6 Mt to 23.2 Mt)
• Decreased average CO2 emission factor by 7% compared to 2018 (from 1.14 t CO2/MWh to 1.06 t CO2/MWh)
• Reduced total energy consumption by approximately 20% compared to 2018
• West Macedonia Lignite Center certified to ISO 50001
• Successful annual inspection of Environmental Management Systems (EMS) at various power plants
• Completed development and implementation of EMS for Autonomous Power Plants of Chios, Karpathos, Samos, and Lemnos
• Implemented energy saving actions in primary schools
• Planted 245 acres of trees in Ptolemaida mines
• Remediated 31,405 acres of land in Ptolemaida mines
• Created 166 beekeeping sites in West Macedonia Lignite Center

Social Achievements

• Increased EBITDA by 192.7% compared to 2018
• Implemented employee evaluation system with cash bonus for top performers
• Provided additional benefits to employees (health/life insurance, nursery subsidies, training subsidies)
• Supported freedom of association for employees
• Implemented parental leave program
• Provided 51,677 training hours to employees
• Conducted 24 Occupational Risk Assessment studies
• Implemented 10 Emergency Response Plan drills
• Conducted primary care medical examinations for vulnerable groups
• Donated 4,770 kilos of fruit and 5,800 kilos of barley to local organizations
• Provided 24 complete computer units to schools and NGOs

Governance Achievements

• Established and implemented a Corporate Governance Code
• Established Board of Directors Committees (Audit, Remuneration, Nominations)
• Established Internal Audit Department reporting directly to the Board of Directors
• Established Compliance Department to supervise legal and regulatory compliance
• Updated Personal Data Protection Policy in line with GDPR
• Implemented measures to avoid conflicts of interest

Climate Goals & Targets

Environmental Challenges

• Lignite phase-out policy
• Low hydraulicity in 2019
• Overdue debt management
• High average age of human resources
• Limitations in new hires
• Climate change
• Risks associated with macroeconomic conditions in Greece
• Risks associated with providing public utility services
• Risks associated with potential strikes
• Risks associated with the acquisition and renewals of permits
• Risks associated with the availability of lignite reserves
• Risks associated with information system hacking
• Risks associated with laws and regulations pertaining to occupational health and safety
• Risks associated with natural and regulated risks which have been identified in relation to climate change and to CO2 trading allowances
• Risks associated with hydrological conditions
• Risks associated with laws and regulations concerning the environment
• Risks associated with natural disasters
• Risks associated with credit rating
• Risks associated with providing Public Service Obligations (PSOs)
• Risks associated with commodity price and risk from the electricity market
• Risks associated with a deficit in the Special Account for Renewables
• Risks associated with the absence of fixed asset insurance
• Risks associated with the dependence on the Transmission System
• Risks associated with the operation and production capacity of the Non-Inteconnected Islands Network
• Risks associated with EPC projects (engineering, procurement and construction)
• Risks associated with Potential Undertaking of Social Security Liabilities
• Risks associated with litigation
• Risks associated with tax and other regulations
• Risks associated with possible strikes
• Risks associated with health, safety and environmental laws and regulations
• Risks associated with Information Technology Security
• Risks associated with licensing

Mitigation Strategies

• Investments in renewable energy sources
• Development of low-emission technologies
• Implementation of debt management strategies
• Voluntary departure program for employees
• Recruitment of new employees
• Cooperation with the European Bank for Reconstruction and Development on climate-related financial disclosures
• Implementation of risk management procedures and policies
• Development of procedures for managing risks associated with fulfilling its mission
• Implementation of a modern information system (ETRM) to support business activity and minimize operational risks
• Development of in-house software for stochastic compilation of energy balances
• Securing electricity imports through long-term agreements
• Policy of creating and managing CO2 emission allowance inventory
• Reorganization of the Compliance Department
• Preparation of a “Code of Ethics” and an “Ethics and Compliance Program”
• Establishment of a communication channel for submitting complaints and non-compliance reports
• Implementation of a critical database encryption, a Security Incident Event Management (SIEM), and an information security management system according to the ISO 27001 standard
• Implementation of perimeter protection systems, email protection systems, malware protection systems, security incident monitoring systems, and measures to ensure the high availability of electronic systems
• Accelerated withdrawal of lignite units
• Investments in RES to increase installed capacity to approximately 1.5 GW by 2023
• Digitization of power plants and lignite mines
• Implementation of modern digital systems for weather forecasting and energy management
• Actions to collect overdue debts and utilize digital systems for data analysis
• Investments in the distribution network
• Revision of Marketing strategy and development of new products and energy services
• Investments in the installation of charging stations for electric vehicles
• Examination of the possibilities of developing a fiber optic network platform

Supply Chain Management

Supplier Audits: Not disclosed

Responsible Procurement

• Agreement with local suppliers
• Compliance with L. 4412/2016
• Internal “Regulation on works, supplies and services”
• General clause in contracts for labor and insurance compliance

Climate-Related Risks & Opportunities

Physical Risks

• Hydrologic conditions
• Natural disasters

Transition Risks

• Regulatory changes
• Market shifts
• CO2 emission rights

Opportunities

• Development of renewable energy projects
• Development of energy-efficient products and services

Reporting Standards

Frameworks Used: GRI Standards: Core option, AccountAbility AA1000 standard, Greek Sustainability Code

Certifications: ISO 14001:2015 (various power plants and West Macedonia Lignite Center), ISO 50001 (West Macedonia Lignite Center), ISO 45001:2018 (Skyros LPP), ELOT EN ISO 9001 (Occupational Health and Safety Department)

Third-party Assurance: KPMG Advisors Single Member S.A.

UN Sustainable Development Goals

• Goal 7 (Affordable and clean energy)
• Goal 9 (Industry, innovation, and infrastructure)
• Goal 13 (Climate action)

PPC's initiatives contribute to these goals through investments in renewable energy, energy efficiency improvements, and reduction of greenhouse gas emissions.

Sustainable Products & Innovation

• Greenpass (Guarantees of Origin)
• MyEnergy platform for energy consumption management
• Prepaid Account Program
• Monthly Bill option

Awards & Recognition

• 3rd prize in the category “Best Public Company” in the “Business Awards MONEY 2019”
• Multiple awards in the Health & Safety Awards competition

Environmental Metrics

ESG Focus Areas

• Climate change
• Renewable Energy
• Biodiversity
• Waste Management
• Wellbeing
• Diversity, Equity & Inclusion

Environmental Achievements

• Reduced Scope 1 CO2 emissions by 34% vs. 2022 to 9.7 M tons
• 6,500 acres restored in 2023 in the mines of Amyntaio, Kardia, Mavropigi and Megalopoli
• 99% of electricity produced in plants covered by ISO 14001:2015
• Created the Policy for best Waste Management of decommissioned lignite plants materials

Social Achievements

• PPCR awarded with the Great Place to Work Certification
• Women employees increased to ~28% (3,652) vs ~27% (3,450) in 2022
• Women in managerial positions increased to 35% vs ~32% in 2022
• PPC Group proudly employees 135 individuals with disabilities
• Increased workforce by more than 400 employees
• Direct social contributions (donations) of >10 M€

Governance Achievements

• Sustainability is embedded in all PPC strategic pillars
• 4 notches improvement to B- in Carbon Emissions score

Climate Goals & Targets

Environmental Challenges

• Lower wholesale market prices in 2023 compared to 2022
• High price volatility of 2022 was significantly reduced in 2023, due to mild weather, curtailed industrial demand and the effective solutions for EU’s gas supply and storage, despite the ongoing geopolitical tension

Mitigation Strategies

• Retail performance compensates for the negative impact in generation EBITDA
• Integrated business expected in line with CMD guidance

Supply Chain Management

Climate-Related Risks & Opportunities

Sustainable Products & Innovation

• myEnegy Solar service for rooftop PV installation

Awards & Recognition

• Great Place to Work Certification

Environmental Metrics

ESG Focus Areas

• Renewables
• Sustainability
• Digitalization
• CO2 emission reduction

Environmental Achievements

• Reduced CO2 emission intensity (Scope 1) by 10%
• Increased RES capacity by 1.1 GW, representing 41.8% of total capacity and 30.8% of total production

Social Achievements

• Improved SAIDI and SAIFI indices in Greece and Romania
• Increased online penetration of myPPC app in Greece and Romania
• Expanded charging points installed in Greece and Romania by 1194

Governance Achievements

• Re-affirmed PPC’s rating at ‘BB-’ in the context of October 2024 new Bond Issuance
• Sustainability Linked Bonds issued

Climate Goals & Targets

Environmental Challenges

• Geopolitical risks
• Supply tightness
• Heat wave impacting energy markets
• Volatility in markets (energy prices, CO2 prices)

Mitigation Strategies

• Investments in RES and grid enhancement
• Focus on operational efficiency and cost optimization
• Diversification of energy sources
• Hedging strategies

Supply Chain Management

Climate-Related Risks & Opportunities

Environmental Metrics

ESG Focus Areas

• Climate Change
• Renewable Energy
• Emissions Reduction

Environmental Achievements

• Reduction of Scope 1 CO2 emissions by 8% vs H1 2023
• Lignite output reduced to 16% of PPC’s total energy mix
• RES output increased to 33% of the mix
• CO2 emissions target set in the SLB due in 2028 has been met

Social Achievements

• Not disclosed

Governance Achievements

• Not disclosed

Climate Goals & Targets

Environmental Challenges

• Market risk (fluctuations in natural gas, oil, CO2 prices, and electricity prices)
• External environment risks (macroeconomic conditions, geopolitical developments)
• Supply chain risk
• Regulatory & legislative developments, political and tax risk
• Licensing risk
• Cybersecurity and information technology risk
• Social pressure due to increased energy prices
• Financial risks (refinancing, investment plan implementation, working capital, credit risk, interest rate fluctuation, exchange rate)
• Local community reaction
• Risks related to the position and market share of PPC in the energy market
• Impairments, provisions and accounting assumptions risk
• Insufficient compensation for the provision of Public Service Obligations
• Risks related to the lignite phase-out process
• Health and safety risks
• Business interruption risk
• Environmental risks
• Transformation risks
• Sustainability targets and obligations
• Climate change risk
• General Data Protection Regulation
• Litigation risk
• Counterparty risk
• Asset protection risks
• Risk from potential undertaking of social security liabilities

Mitigation Strategies

• Risk management policies for market price risk, hedging activities
• Strengthened relations with national and local Authorities and regulatory bodies
• Investing in cybersecurity tools and implementing a holistic cybersecurity framework
• Adequate visibility over Regulatory Authorities’ changes in regulated charges
• Due diligence reviews in relation to acquisitions and joint ventures
• Comprehensive physical security program
• Monitoring and assessing climate-related risks following TCFD guidelines
• Practices and procedures to enhance resilience and speed up the restoration of failures of generation plants and networks

Supply Chain Management

Supplier Audits: Not disclosed

Responsible Procurement

• Not disclosed

Climate-Related Risks & Opportunities

Physical Risks

• Extreme weather events

Transition Risks

• Regulatory changes, market shifts

Opportunities

• Development of energy-efficient products
• Expansion of RES portfolio

Reporting Standards

Frameworks Used: IAS 34

Certifications: ISO 45001

Third-party Assurance: Ernst & Young (Hellas)

UN Sustainable Development Goals

• Not disclosed

Not disclosed

Sustainable Products & Innovation

• Not disclosed

Awards & Recognition

• Not disclosed