Power utility EPHZHB logs EUR 19.7 million profit in H1

Public power utility Elektroprivreda Hrvatske Zajednice Herceg Bosne (EPHZHB) made a profit of BAM 38.7 million (around EUR 19.7 million) in January-June, up from BAM 452,076 (about EUR 230,000) in the first half of 2017. This is in keeping with strong results posted by power utilities elsewhere in the region on the back of good hydrological conditions.

Mostar-based EPHZHB had operating revenues of BAM 214.8 million (around EUR 109.5 million) in the first half of 2018, up from BAM 139.7 million (some EUR 71.3 million) in the same period a year earlier. Its operating expenses were at BAM 175.8 million (approximately EUR 89.7 million) in H1 2018, compared to BAM 144.2 million (around EUR 73.5 million) in the like period the year before.

EPHZHB reported a profit of BAM 237,441 (about EUR 120,000) in 2017, which it used for covering losses from previous years. It produced 1,287 GWh of electricity last year, down 18.26% compared to the planned level due to drought.

The company produces electricity solely from renewable energy sources, with most of its capacities consisting of hydropower plants.

EPHZHB is majority owned by the Federation of Bosnia and Herzegovina (FBiH) and is one of the Bosnian entity’s two power utilities, the other being Elektroprivreda BiH (EPBiH). The entity of Republika Srpska also has a power utility, Elektroprivreda Republike Srpske (ERS).

EPBiH posted a profit of around BAM 28 million (some EUR 15 million) in the first half of 2018, after registering a loss of nearly BAM 23 million (about EUR 12.4 million) in H1 2017. EPBiH was the top company by revenues in Bosnia and Herzegovina (BiH) in 2017, of BAM 1.114 billion (about EUR 570 million), according to reports.

For its part, ERS made a EUR 28.6 million profit in the first half of 2018, acting General Manager Radmila Čičković has said. In H1, ERS sold 1,687.7 GWh of electricity worth around EUR 66 million on the market, investing about EUR 38 million in new facilities and the modernization and reconstruction of the existing ones.