Electricity

BiH’s power utility posts EUR 26 million 2023 year-to-date loss

BiH power utility EPBiH posts EUR 25 million loss so far in 2023

Meeting of the representatives of EPBiH and the Federal Ministry of Energy, Mining and Industry (photo: Ministry of Energy, Mining, and Industry)

Published

October 12, 2023

Comments

comments icon

0

Share

Published:

October 12, 2023

Comments:

comments icon

0

Share

Bosnia and Herzegovina’s state-owned power utility Elektroprivreda BiH (EPBiH) has recorded a BAM 50 million (EUR 25.6 million) financial loss for the January-September period. The company is expected to remain deeply in the red territory for the entire year.

EPBiH said that the BAM 50 million (EUR 25.6 million) loss was the result of disruptions in the electricity market, a significant reduction in the volume of sales on the open market, and a lower-than-estimated income from trade.

The main causes are the decrease in the supply of coal from mines within the EPBiH Concern from 2020 until September of this year and the increase in the price of coal and its transportation costs, the company said.

Also, power output and planned surpluses of electricity were both reduced. The sale of surpluses is important because it compensates for the difference between production costs and the public supply sales prices.

Electricity consumption is showing a rising tendency

Electricity prices for public supply, which have not changed from January 1, 2015, were the main factor for the increase in electricity use for heating and cooling, alongside the company’s guarantees that supply would be stable, the statement adds.

The trend continued even during the global energy crisis and the unrestrained rise in the prices of other energy sources. EPBiH said electricity consumption is showing a rising tendency due to low prices of public supply and argued that, according to Eurostat, they are among the lowest in Europe.

The financial results were also affected by the decision of the Government of the Federation of BiH to limit the increase in electricity prices for consumers on the open market from the previous year to 20%. The measure came into force in January 2022, the utility noted.

Ministry: EPBiH is expected to suffer a large loss in 2023

EPBiH pointed out that back in February it informed the government and the Federal Ministry of Energy, Mining and Industry of its projected financial results for the period until the end of the year, and that it listed the factors.

Of note, Federal Minister of Energy, Mining and Industry Vedran Lakić met with the management of EPBiH a week ago. EPBiH is expected to suffer a large loss in 2023, the ministry subsequently said.

The Federation of BiH is the larger of the two entities that make up Bosnia and Herzegovina. The other one is called the Republic of Srpska.

Comments (0)

Be the first one to comment on this article.

Enter Your Comment
Please wait... Please fill in the required fields. There seems to be an error, please refresh the page and try again. Your comment has been sent.

Related Articles

blackout spain portugal entso report

Blackout in Spain, Portugal started with 2,200 MW power production loss

12 May 2025 - ENTSO-E has published the sequence of relevant events from an incident on April 28 that caused a total blackout in Spain and Portugal

bih citizen energy renewable energy communities republic of srpska miljevic

Significant step for citizen energy in BiH – Republic of Srpska enables establishment of first renewable energy communities in region

12 May 2025 - The Republic of Srpska, one of the two entities making up BiH, adopted a rulebook on renewable energy communities

Second HVDC cable from mainland Greece to Crete coming online

Second HVDC link from mainland Greece to Crete coming online

12 May 2025 - IPTO is completing the last elements of the Ariadne Interconnection project, one of the deepest subsea links in the world

Belgrade Energy Forum 2025 sponsors

Everything is ready for Belgrade Energy Forum 2025 – welcome!

11 May 2025 - On May 14 and 15, Belgrade Energy Forum 2025 will gather four hundred participants from more then 30 countries from the region, Europe, and beyond