S&P Global Ratings upgraded the Hellenic Electricity Distribution Network Operator (DEI) — commonly known as Public Power Corporation (PPC) — from ‘BB−’ to ‘BB’ with a stable outlook on June 18, 2026. The decision follows DEI’s recent capital increase and a revised corporate strategy focused on accelerated growth in renewables, regulated activities, and regional expansion.
Stronger EBITDA Outlook and Broader Asset Base
According to S&P Global Ratings, DEI’s improved business risk profile is expected to materialize more rapidly than previously anticipated. The agency forecasts adjusted EBITDA to rise significantly — reaching €3.2–€3.4 billion by 2028, up from €2 billion in 2025. This represents a 10–20% upward revision compared to its prior estimate of €2.9 billion. Key drivers include Greece’s stronger domestic economy, DEI’s entry into new Southeast European markets, and rising demand for data centers. The company’s integrated business model — combining generation, distribution, and emerging infrastructure services — is seen as resilient amid wholesale electricity price volatility.
S&P expects DEI’s adjusted EBITDA to reach €2.4–€2.5 billion in 2026 and €2.5–€2.7 billion in 2027.
Expanded Investment Plan
The upgrade also reflects DEI’s substantially expanded investment plan: total committed investments have risen to approximately €24 billion for 2026–2030, up from around €10 billion previously planned for 2026–2028. This increase responds to surging electricity demand, the phase-out of fossil-fuel power plants, and improving macroeconomic prospects across Southeast Europe.
Under the new strategy, DEI will invest roughly €5 billion annually — primarily in renewable energy projects, data centers, and grid infrastructure across Southeast Europe — compared to about €3.5 billion per year under the previous plan.
Funding Strategy
The investment program is partly funded by a €4.25 billion capital increase and a €250 million share sale, completed on May 22, 2026. These measures help contain adjusted debt growth for 2026–2028 at approximately €4 billion.