Electricity

Slovenia’s HSE Group books EUR 11.8 million loss in 2018

Photo: HSE

Published

June 12, 2019

Country

Comments

comments icon

0

Share

Published:

June 12, 2019

Country:

Comments:

comments icon

0

Share

Slovenia’s HSE Group, which includes state power utility Holding Slovenske Elektrarne (HSE), logged a EUR 11.8 million loss in 2018, compared to a EUR 8.21 million profit in 2017, mainly due to the impairment of the Šoštanj thermal power plant (TEŠ) operator’s assets, according to the group’s annual report.

Had it not been for the impairment, the HSE Group would have posted a EUR 6.7 million profit in 2018 instead of the loss, according to the annual report of Slovenia’s largest power producer.

The HSE Group’s 2018 loss was due to impairment of the Šoštanj coal power plant’s assets

TPP Šoštanj (Photo: HES)

The group reported sales revenues of EUR 1.47 billion in 2018, down from nearly EUR 1.59 billion in 2017. Even though electricity sales by volume declined by 17% year-on-year and sales revenues went down by 7% year-on-year, the HSE Group’s margin increased by EUR 1,823 per GWh thanks to an adjusted strategy in favor of short-term power trading, according to the report.

The group reported sales revenues of EUR 1.47 billion in 2018

The HSE Group reported EUR 128.1 million in earnings before interest, taxes, depreciation, and amortization (EBITDA) in 2018, a decrease by EUR 10.1 million compared to 2017, mainly due to a decrease in other revenues.

EBITDA stood at EUR 128.1 million, a decrease by EUR 10.1 million against 2017

The group’s investments in 2018 were worth EUR 57.4 million, according to the report.

HSE Group’s power generation rises 4% to 7.32 TWh in 2018

The group produced 7.32 TWh of electricity last year, an increase of 4% compared to 2017, as hydropower plants’ (HPP) output rose 21% and TPP production decreasing 5%. The Avče pumped storage power plant’s production plunged by 31% due to overhaul in the fourth quarter of 2018.

HSE Group’s power output was at 7.32 TWh in 2018, an increase of 4%

The HSE Group accounts for 65% of Slovenia’s overall output and is the country’s largest producer of electricity from renewable energy sources, which account for nearly 85% of its energy mix, according to reports.

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

Petrol NGEN start strategic partnership in advanced energy solutions

Petrol, NGEN start strategic partnership in advanced energy solutions

17 February 2025 - Petrol and NGEN have joined forces in digitalization for energy management and adaptation to fluctuations in power production and consumption

EDP Renewables inaugurates two wind power plants in Greece

EDP Renewables inaugurates two wind power plants in Greece

15 February 2025 - EDP Renewables declared its two new wind farms in Central Greece and Thessaly open, adding almost 70 MW to the transmission grid

Serbia and Hungary continue to strengthen energy cooperation

Serbia, Hungary continue strengthening energy cooperation

14 February 2025 - Minister Đedović Handanović and her Hungarian counterpart Péter Szijjártó discussed strengthening bilateral energy cooperation

Cypriot minister not optimistic GSI cable project Greece Turkish intimidation

Cypriot minister not optimistic about cable project with Greece amid Turkish intimidation

14 February 2025 - Cypriot Minister of Finance Makis Keravnos said the GSI undersea cable project still faces very serious political obstacles