Sustainable Development

Governance (G)

Governance Indices (G)* 

*It should be noted that the published indices for 2021 have not been finalized yet and they might change, as the final internal confirmation and the independent limited assurance from an external consultant are still in progress. Any changes that might arise will be clearly indicated (including what changed and when).

C-G1 | Composition of the Board of Directors

Total Number of Board Members 11 - 100%
The percentage of members of the BoD who are women* 2 - 18%
The percentage of BoD members who are non-Executive 3 - 27%
The percentage of BoD members who are independent non-executive 6 - 55%

In accordance with Law 4706/2020, there must be adequate representation of women on the Board of Directors at a rate equal to 25%

In accordance with the relevant decision of the Hellenic Capital Market Commission, in case of any fraction this is rounded to the previous integer.

In the BoD of PPC, 25% corresponds to 2.75 and with the rounding to the previous integer 25% ultimately corresponds to representation on the BoD of 2 women.

Included in the 2021 Financial Report, pp. 80-89, 99-100


C-G2 | Sustainability Oversight

The Sustainability Department has been established in June 2021 and a Director of the Sustainability Department was appointed reporting directly to the CEO in September 2021. Furthermore, based on the decision of the Board of Directors No. 142/9.11.2021, a Sustainability Committee was established with representation from the top management, which is responsible for the supervision of Sustainability and for informing the Board of Directors on Sustainability matters.

The establishment of this Committee was carried out relating to the following:
• supervision, coordination and promotion of policies and actions related to Sustainability and Climate,
• overseeing the identification, monitoring and management of risks and opportunities related to Sustainability and Climate,
• overseeing the establishment, implementation and monitoring of the Sustainability strategy and policy,
• overseeing and approving the Sustainability Report and the wider implementation of appropriate non-financial reporting and ESG (Environment, Society, Governance) disclosure frameworks,
• oversight and monitoring of the annual targets around Sustainability, CSV (Creating Shared Value) and Climate for all Group Departments and sections,
• reporting to the Board of Directors on these matters on a regular basis, with the ultimate objective of further enhancing the Board’s oversight and awareness.

The Sustainability Committee consists of seven (7) members as follows and meets once every trimester:

Member’s name

Position in Company Position in Committee
Georgios Stassis Chairman and CEO Chairman
George Karakousis Deputy CEO of Commercial Activities Member
Ioannis Kopanakis Deputy CEO of Production Operations Member
Alexander Paterakis Deputy CEO of Digital Transformation Member
Konstantinos Alexandridis

Chief Financial Office

Konstantinos Mavros CEO of PPC Renewables S.A. Member
Achilleas Ioakeimidis

Director of Sustainable Development

Secretary and Deputy Chairman of the Committee


C-G3 | Materiality

The methodology and results of the materiality analysis carried out in summer 2021 are presented in the Sustainability Report 2020 p.105-107.
The materiality analysis adheres to the GRI Standards 2016, incorporating some of the requirements for the Materiality analysis of the GRI Standards 2021 (positive and negative impacts), aiming that the next report fully covers the Standards’ requirements in relation to the identification of the material issues, which can add long term value to the Group's business activity, while at the same time reflecting on the Group’s important financial, environmental and social impacts. (double materiality in effect from 2023). In the framework of the 2021 Sustainable Development Report, the Department of Sustainable Development conducted Focus Groups in the 3rd quarter of 2022 with the participation of the top management of PPC, HEDNO and PPC Renewables in order to prepare the essential ESG issues to be researched in the new double materiality which will be conducted at the Group level in 2023.


C-G4 | Sustainable Development Policy

PPC’s Sustainable Development Policy 


C-G5 | Βusiness Ethics Policy

In an effort to continuously improve its activities at all levels and to adapt to changes in the regulatory framework, based on international best practices, the Company is developing an “Ethics and Compliance” Programme.

A central tool of this programme is the Code of Conduct, which the Company has adopted since 2018, and which was revised by the BoD on 9.6.22 due to changes in the regulatory environment.

This Programme also includes Policies, which specify the principles and values of the business ethics, adopted and applied by the Company.

Specifically, these Policies and Regulations are:

• The Policy against Corruption and Bribery
• the Conflict of Interest Policy
• the Policy against Violence and Harassment at Work
• the Enforcement Policy & Reporting/Complaint Handling Procedure of the Company
• the Anti- Money Laundering and Terrorist Financing Policy
• the Personal Data Protection Policy
• the Human Rights Policy
• the Sustainable Development Policy along with the Environmental Policy as an integral part of it
• the Related Party Transactions Regulation
• the Inside Information Management Regulation

The aforementioned Policies, in combination with the revised Code of Conduct, contribute to the promotion of transparency and legal certainty processes within the Company and consolidate a culture of ethics.


C-G6 | Data Security Policy

The Data Security Policy is presented in the Financial Report 2021, p.62

Personal Data Protection Policy of PPC S.A. 


A-G1 | Business Model

PPC was established in 1950 as a public sector enterprise, tasked with the responsibility of providing electricity to the entirety of the country. Following its transition to a Societe Anonyme and the listing of its shares in the Stock Exchange, its operation has been governed by the law on ‘societes anonyms’, however, the influence of the State on PPC remained significant, especially regarding its public service obligations which have been assigned to PPC. As a result, until recently, PPC was subject to laws and regulations applicable in the Greek Wider Public Sector. Following the increase of the Company's share capital, which was completed at the end of 2021, and the reduction of the indirect State participation to 34.1%, PPC ceased to be controlled by the State and be considered as a Public Undertaking within the meaning of L. 3429/2005. Nevertheless, the Company, due to its business activity in the strategically important utility sector, continues to be a company of intense public interest. Due to the above, the operation of PPC and its choices continue to be influenced by a number of stakeholders who have legitimate interests related to its operation.   

PPC is being transformed from a vertically integrated company of Business Units, as it was in the early 2000s (Mines, Generation, Transmission, Distribution, Supply), into a Group of Companies, with PPC at its core, which will operate in the Supply and Power Generation from  conventional forms of energy (hydro energy and natural gas) and the subsidiaries HEDNO (Distribution) and PPC Renewables as the main agent of transition to power generation through Renewable Sources of Energy.

More in particular, the company is at the center of the energy transition, which is encapsulated in the threefold: Implementation of the “Green deal” in generation, digitalization and operational efficiency and expansion in new value-added activities and products with a customer-centric approach.

The development of renewable energy sources, the implementation of energy saving measures and the significant progress of the electrification and the digitalization of the economy constitute the main pillars for the promotion of the energy transition and the reinforcement of the socio-economic development. PPC considers that it will safeguard thereby its sustainable development, in order to achieve its goal of maximizing its value, while always taking into consideration its social role in the National Economy and its environmental impact. At the same time, the Company shall place great emphasis on its customers, developing and operating in new markets of energy products, with the medium/short-term goal of providing a wide range of products that will meet all customers’ needs and requirements.

More specifically, PPC’s new business plan outlines the Company’s medium-term goals and is based on three pillars:

1. Implementation of the “Green deal” in power generation, by decommissioning its lignite units and the respective mines and emphasizing in the uptake of RES as the new primary power generation technology. The detailed lignite phase out plan includes the decommissioning of lignite units with installed capacity of approximately 3.4 GW during the period 2019-2023. The lignite phase out plan is being carried out with full respect to PPC’s employees, local communities and the environment but also ensuring the country’s energy adequacy. In this fair transition framework, the Company has already proceeded to the design and implementation of a series of new development projects, but also to the maintenance of the existing ones with the appropriate modifications, as for example was the successful implementation of the district heating project, aiming at constantly supporting local communities.

The plan for the new PPC includes significant investments in RES through the subsidiary PPC Renewables as well as investments in storage units aiming at increasing installed capacity to 4.8 GW and 0.7 GW respectively until 2026.

2. Digitalization and operational efficiency for the achievement of cost-reduction and revenue-increase synergies, by applying new technologies across sectors, such as:

• Digital development of PPC through models of process digitalization and digital transformation
• Digitalization of the activities and infrastructures of the electricity Distribution network by investing in the networks’ upgrade by using tools such as smart meters, circuit breakers and GIS systems etc.
• Use of technology to ensure information and network security of the company as a Critical National energy infrastructure, based on best practices and safeguarding in a responsible way the natural persons involved, such as customers, and the society as a whole.
• Enhancement of PPC human resources digital culture, focusing on its particular characteristics, the conditions under which it operates, the flexible and modern functionality and the required digital cooperation.


3. Expansion in new value-added activities and products with a customer-centric approach, both in the retail electricity market and in new business sectors. More specifically, priority is given by PPC to the development in the most efficient way of the necessary infrastructures for the electrefication of transport and heating. A rapid increase in the number of electric vehicles is expected at international level, due to the fact that their cost is expected to approach the cost of conventional vehicles over the next few years. PPC will effectively contribute to the increase of electric vehicles in our country, investing in the necessary infrastructure and more in particular in the installation of more than 1,000 charging stations over the next few years, while the medium-term goal for PPC is to install more than 10,000 charging stations all over Greece.

Furthermore, the Company’ strategy is focused in the production of “green hydrogen” through synergies that are expected to enable the country’s energy transition to a zero-carbon environment.

Alongside the above, in 2021 PPC focused on designing and launching Value Added Services, as well as on designing integrated consulting services on energy upgrading and energy saving in end-use. Finally, in 2021 PPC made a systematic effort to design an integrated service aimed at informing and promoting heat pumps as the key technology for the electrification of heating. This service will be launched at the beginning of the year 2022.

Additionally, the development at national level of a fiber optic network platform by the Company is carefully considered in order for PPC to join the main high-speed broadband service providers thus creating a new source of revenue for the Company.

The Company’s organizational structure, at the level of Departments, took place within 2020 in order to meet the aforementioned priorities, while within 2021 the establishment of all necessary Departments, as well as the internal structure thereof was finalized. Additionally, a full set of rules and policies was adopted by the Company aiming at creating a corporate governance and ethical behavior framework that in combination with the strong fundamentals of the Company are expected to ensure the maximization of its value.

In this new era for PPC, its strategy could only be grounded in the principles of the “Creating Shared Value” approach, in other words on the basis of the Sustainable Development which aims at creating shared value among companies, societies, people and environment. To this end, PPC approaches Sustainable Development in the light of its business model and thereby of its new strategic orientation.

In this context, the company in compliance with international requirements (Bloomberg 2015, creation of the TCFD by the Financial Stability Board) initiated the transition process from the current model of corporate governance GRC (Governance, Enterprise Risk, Compliance) to the new model ESG (Environmental Social Governance). Specifically, based on the TFCD (Taskforce for Climate-related Financial Disclosure) guidelines, the company assesses the risks to be faced in the context of its activities due to climate change and examines ways to deal with them.


A-G3 | ESG targets

Targets - Environment (Ε)

 Short-Term (1-3 years)

 Medium (4-7 years)

 Long Term (8-10 years)

New energy-saving energy solutions and development of new green products and services

New energy-saving energy solutions and development of new green products and services

New energy-saving energy solutions and development of new green products and services

Utilisation of energy infrastructure of decommissioned means of production (Mines - Power Plants) 

Utilisation of energy infrastructure of decommissioned means of production (Mines - Power Plants) 

Utilisation of energy infrastructure of decommissioned means of production (Mines - Power Plants) 

Reduction of CO2 emissions by 78% in 2024, in comparison to 2019 (base year)

Gradual withdrawal of existing lignite plants by 2023 with the exception of Ptolemaida 5

Completion of the lignite phase-out process – Return for use of the rehabilitated areas of the Mines

Development of an environmental risk assessment system - Implementation of an internal environmental inspection procedure

Application of circular economy principles in the management of materials and equipment of decommissioned means of production (e.g. belt recycling)

Application of circular economy principles in the management of materials and equipment of decommissioned means of production (e.g. belt recycling)

Development of the Largest Public Charging Network using Green Energy (from RES) and presence throughout Greece.

4.000 + Chargers

Coverage of all Large & Medium Cities and the National Road Network


10.000 + Chargers

Coverage of all meeting points and destinations on the coverage map


Over 1,500,000 MWh of nominal Guarantees of Origin to be made available to PPC Corporate Customers.

New energy saving solutions such as a new platform for monitoring consumption & updating Medium Voltage Customers


Compliance with the environmental requirements of the Power Plants - Certification of Environmental Management Systems

Increase of the installed capacity of RES and batteries to 9.5GW in 2026. Given the ever-increasing competitiveness of these technologies, this will lead to a significant reduction in the cost of electricity for consumers.


Implementation of a program for the restoration of the mines' soils - Shaping and utilization of these soils for the development of solar parks 

Implementation of a program for the restoration of the mines' soils - Shaping and utilization of these soils for the development of solar parks 


Investigation of waste-to-energy plants (WtE)

Investigation of waste-to-energy plants (WtE)


Formulation of a basic rehabilitation plan for the decommissioned Power Units

Green hydrogen production - Use in hydrogen ready plants (e.g. HECHP)


Reshaping of our portfolio and transition to clean energy. Focusing on renewable energy sources (RES) and storage, we aim to increase the installed capacity of RES and batteries in our portfolio from 3.4GW in 2021 to 7.2GW in 2024



Development of long-term targets for the penetration of clean energy in our portfolio within 2022



Gradual withdrawal of existing lignite plants by 2023 with the exception of Ptolemaida 5



Reallocation of capital to RES aiming to shift the generation mix towards sustainable sources and stable profitability while supporting the country's energy needs



Response to CDP Water Security questionnaire



Consideration of alternatives for the conversion and utilization of the generators of the lignite-fired Units   that have permanently ceased their operation (Units III & IV of CARDIA TPP), aiming at providing ancillary services to the grid that will lead to a reduction of the overall operating costs of the electricity system and a reduction of the environmental footprint.



All PPC sales stores will consume energy from RES with an annual consumption of 8,500 MWh




Installation of a Managed Print Services (MPS) system throughout the company to reduce the number of printed sheets



Use of multi-cloud platforms in the majority of IT Systems to replace Data Centers



Going paperless in all PPC processes (internal and external operations/customer service)



The Group's commitment to the Science Based Targets initiative (SBTi) aiming at developing and submitting short-term and long-term greenhouse gas (GHG) emission reduction targets



Implementation of actions to incorporate the recommendations of the Task Force on Climate Related Financial Disclosures (TCFD)



Installation of a "smart" recycling system in offices and sales stores



Sustainability Department: Response to Circulytics (Ellen MacArthur Foundation) examining the integration of circular economy principles into the company's culture, model, processes and operations.



Participation in the Business For Nature campaign in order to make mandatory the assessment and disclosure of data on the protection of nature and biodiversity by 2030



Participation in the  We Mean Business to take action on climate change



Participation in the campaign Race to Zero for a healthy resilient zero carbon economy that will prevent future threats and will contribute to the creation of decent jobs



Implementation of programmes and partnerships aimed at educating and raising awareness on environmental issues among young people and children



Development of an action plan to align the environmental strategy based on standards for nature protection and biodiversity.



Publication of climate scenarios developed by the company or updating thereof every two years



Issuance of a consolidated report on emissions and certification of the results of the calculations for the Group's major companies.



Targets - Society (S)

 Short-Term (1-3 years)

 Medium (4-7 years)

 Long Term (8-10 years)

Installation of different types of Chargers, simple (AC) & fast (DC) depending on the charging needs and the location where the Charger isinstalled 

Development of the Charger Network in Cities and the Fast-Charger Network for travelling all across the country

Integrated National Network of Services for E/V drivers, for fast charging and rewards

Launch of PPC blue E-Mobility Platform for inter-connecting DEI blue Public Chargers, tracking their location, and charging for Services

Redesigning of the DEI blue Platform in order to provide personalized services to meet users’ (drivers’) needs

Connection of all mobility-centric services to the DEI blue platform

Development of a DEI blue website for the information of users on E-Mobility and PPC blue services

Development of add-on Services to add value to mobility      

Development of complementary services to improve the quality of life of users and minimize of the mobility footprint by 2030

Expansion of customer service points through partnerships



Renovation of 70% of customer service stores and integration of the necessary specifications for easy access and service for people with disabilities until 2024



New digital Ecosystem with personalized suggestions and easier transactions and service requests



New services and products based on Consumer Profiling (personas based)



Modernization of the way we operate and work by recruiting employees with experience in new specialised areas, training the existing colleagues and developing reskilling



Opportunities for employment and career development for young people with little or no experience



Compilation of a programme to concede the rehabilitated areas of the Mines to the Greek State with a view to supporting the local communities in the areas of lignite phase-out.



Study, design and implementation of projects to cover the thermal needs of district heating of the municipalities of Kozani, Eοrdaia and Amyntaio after the decommissioning of the lignite thermal plants in these areas



Implementation of a project to optimize the processes of planning, due diligence, action and outcome measurement of the initiatives and actions of Social Innovation, Contribution and Social Impact, based on the Creating Shared Value (CSV) approach.



Support of the UN Women Empowerment Principles (WEPs) initiative for taking action to promote gender equality



 Targets  - Governance (G)

 Short-Term (1-3 years)

 Medium (4-7 years)

 Long Term (8-10 years)

Adoption and implementation of Policies and Regulations by the major subsidiaries of PPC


Third Party Code of Conduct (Suppliers and Partners)


Increase in the percentage (%) of women in positions of responsibility

Business Continuity System Certification in Power Plants and Mines


Further reduction of bureaucracy and increase of the efficiency of corporate bodies

Creation of a New Digital Transformation Campus (Smart Building, Green)


Target setting for GRI and ESG indicators



Ongoing in-depth examination and development of the scope and level of external assurance for non-financial reporting indicators



Completion of the digitization of the existing hard copy files



Integration of ESG criteria in supplier selection procedures



Development and adoption of Sustainability Platform/Cloud tool in order to optimize the processes and systems for the collection and management of non-financial reporting data and indicators.



Consolidation of indicators and data of non-financial reporting in order to be disclosed at Group level



Adoption of the Double Materiality principles and process and application thereof to the Group's Materiality Analysis to be conducted in 2023, in compliance with EU requirements.



Commitment of the Group to the UN Global Compact and integration into the Group's strategy, culture and operations of fundamental responsibilities in four areas:  human rights, labour, environment and anti-corruption, as described in the 10 Principles of the Compact.




Α-G4 | Variable Pay

% variable pay


Variable Pay Amount €1,305,685.83


Total Executive Pay * 100

€14,531,230.82 *100



Assumptions, hypotheses, restrictions used in the calculation

The amount of the variables is without employer contributions

The total annual remuneration (without employer contributions) of executives has been  calculated  from the hierarchy level of Director and higher, given that from this level and up to the CEO they receive variable pay, in compliance with the applicable remuneration policy. In 2021, only bonuses were received for 2020, not shares.


A-G5 | External Assurance

The Report is subject to external assurance by an independent body, in accordance with the International Standard on Assurance Engagements ISAE 3000.

PPC publishes its Sustainability Report based on the Global Reporting Initiative (GRI) informing its stakeholders about its contribution to the achievement of the  Sustainable Development Goals (SDGs) set by the UN.

The Group's Sustainable Development Report received for the first time in 2020 independent external assurance of limited scope (indented limited assurance), meeting the requirements of the "Core" option of the Global Reporting Initiative (GRI) standard, regarding 14 key indicators of PPC. Sustainable Development Report 2020 | PPC ( p. 387-391

Our aim is to increase the credibility and quality of the Sustainability Report every year. For 2021, the assurance is also underway for the ASE ESG indicators.


SS-G2 | Critical Risk Management

PPC prepares Emergency Response Plans (SAEK), as a systematic program of recognition and preparation for emergencies, which will protect human health and safety, as well as the Company's property in case of an emergency.

In accordance with PPC's Rules of Operation that provides for emergency protocols, the Occupational Health and Safety Department organizes risk/disaster management training programs and Emergency Response Plan (ERP) drills, to enable the Company’s employees to deal with any emergency conditions/incidents (2020 Sustainability Report) p. 222

Furthermore, in compliance with the legislation (Joint Ministerial Decision 5688/2018), PPC’s environmental studies include a section on risks to human health, cultural heritage or the environment (for example due to accidents or disasters).

At the same time, PPC facilities certified by ISO 14001/2015, implemented in this framework procedures that document how they prepare and prevent the occurrence of accidents and emergencies (accidents, fires, spills, etc.) that may have a significant impact on the environment, as well as how the facilities respond to them.


G-SD1 | Data coverage  

>75% of revenues OR >75% of business operations

PPC Group has disclosed the required indices separately for PPC S.A. and its two main subsidiaries HEDNO and PPC RENEWABLES, which account for >75% of revenues and >75% of business operations of the Group.




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