GEN Group’s profit increases ninefold in 2023

State-controlled power utility GEN Group has posted a profit of EUR 204.5 million for last year, almost nine times above the 2022 level, of EUR 23.6 million. However, in the same period, revenues decreased by almost 30% to EUR 2.97 billion.

High prices in early 2023 were the main factor behind the results, GEN Group said. The company operates the Krško nuclear power plant, Brestanica gas-fired power plant, and nine hydropower plants on the Sava river.

Low-carbon electricity production, favorable hydrological conditions, good production cost management, a record number of solar power plants connected to the grid and the conditions in the energy markets contributed to GEN Group’s good results, said Dejan Paravan, CEO of its parent company GEN Energija.

GEN Group aims to invest EUR 140 million in 2024

In 2023, the group invested EUR 80 million, and the target for 2024 is EUR 140 million.

Paravan added he expects wholesale energy prices to decrease, and that electricity prices would thus come down as well. The prices for all categories of consumers are set to remain at approximately the same level as last year, he said.

The company commissioned solar power plants with an overall capacity of 9 MW. The largest one is located next to the Brežice hydropower plant. The group also installed 63 MW in total photovoltaic capacity for clients – households and firms.

Paravan revealed that the group would pay a dividend of EUR 100 million to the Government of Slovenia, its sole shareholder.

Support for the Krško 2 project is growing

GEN Group said it is focused on speeding up the preparations for the construction of the second unit of the Krško nuclear power plant.

Public support for the Krško 2 (JEK2) project is growing, according to Paravan. He attributed it to the impact of the energy crisis, the need for energy independence, and the public discourse regarding decarbonization and the green transition.

GEN Group said it launched its Strategic Development Plan 2024-2030 in coordination with all member companies. Its goal is to become the leading producer and supplier of low-carbon energy in the region by investing in nuclear energy, renewables, flexibility and advanced services, the announcement reads.