Electricity

EPCG swings to net profit of EUR 42.8 million in H1

Photo: Elektroprivreda Crne Gore

Published

July 19, 2018

Country

Comments

0

Share

Published:

July 19, 2018

Country:

Comments:

0

Share

Power utility Elektroprivreda Crne Gore (EPCG) had a net profit of EUR 42.8 million in the first half of 2018, the company said on its website, adding that its Board of Directors has adopted a decision on the 2017 consolidated results, which show that EPCG Group’s net profit stood at EUR 1.5 million last year.

EPCG’s EBITDA in the first six months of 2018 was EUR 49.35 million, 58% more than planned. The company made a net profit of EUR 42.88 million in H1 2018, swinging from a EUR 6.9 million loss in the same period a year earlier. The revenues were up 26% year-on-year at EUR 154.47 million.

The good results were driven by factors including high water levels, which helped increase electricity production, EPCG said.

The EPCG Board of Directors has also adopted decisions on the company’s operations and consolidated financial statements for 2017.

“During 2017, EPCG Group (Elektroprivreda Crne Gore, CEDIS, ZETA Energy and EPCG Belgrade) was operating in a challenging economic environment and the business result was affected by a decrease in electricity production due to low water levels,” EPCG said.

The 2017 operating revenues were at EUR 234.35 million. EBITDA was down 65% year-on-year at EUR 23 million, while profit declined 50% to EUR 1.51 million.

The company reported a drop in electricity generation by 25% in 2017 to 2,190 GWh, of which 925 GWh was produced by hydropower plants, which was a plunge of 47%.

Electricity import reached 1,182 GWh, a 57% increase year-on-year.

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

iberdrola-hybrid-wind-hydro-portugal

Iberdrola plans Portugal’s first wind-hydro hybrid power project

18 June 2024 - A 274 MW wind farm will be linked to the Tâmega hydropower complex in Portugal's biggest hybrid energy project, says Iberdrola

baltic-sea-subsea-interconnector-sweden-germany

Sweden opts against subsea interconnector with Germany over power price concerns

18 June 2024 - The Hansa PowerBridge subsea interconnector would have facilitated renewable electricity transmission from Scandinavia to Germany

China-accounts-71-world-new-offshore-wind-capacity-2023

China accounts for 71% of world’s new offshore wind capacity in 2023

18 June 2024 - GWEC said China commissioned offshore wind power plants of 6.3 GW in overall capacity in 2023 or 71% of the world's total

Serbia cooperate French EDF nuclear energy

Serbia wants to cooperate with French EDF in nuclear energy

18 June 2024 - Serbia's Minister of Mining and Energy Dubravka Đedović Handanović spoke with a delegation from France's EDF