Greek utility Public Power Corporation has booked total revenues of E2.47 billion for the first half of 2007, up 6% over the same period of 2006, when the company reported total revenues of E2.33 billion. This was driven by increased energy sales, the company revealed.

<p>Indeed, revenues from energy sales increased by 6.4%, from E2.2 billion in H1 2006 to E2.3 billion in H1 2007, due to a 1.2% increase in the volume of sales, an average tariff increase of 4.8% in August 2006, and an increase in industrial and night tariffs by 4% and 5%, respectively, in April 2007.<br /><br />In addition, Public Power Corporation (PPC) revealed that earnings before interest, taxes, depreciation and amortization amounted to E456.4 million, compared to E475.8 million in H1 2006, a decrease of 4.1%. Nevertheless, net income for H1 2007 stood at E99.4 million, compared to E95.3 million in H1 2006, an increase of 4.3%.<br /><br />However, the company also revealed that very low snow and rainfall levels during winter 2006 caused a sharp decrease in hydro generation by approximately 64% in H1 2007, compared to H1 2006, resulting in a E157 million expenditure for substitute fuels.<br /><br />Takis Athanasopoulos, PPC&#0039;s chairman and CEO, said: In the second quarter of 2007, despite the severe hydro conditions and high system marginal prices, we were able to come in with a better performance than the corresponding period one year before.<br /><br />However, it appears that these negative factors will remain with us for the rest of the year, and coupled with the very high temperatures and catastrophic fires that we experienced this summer, are challenging our ability to keep this pace, Dr Athanasopoulos continued.</p>