SARAJEVO (Bosnia and Herzegovina), October 2 (SeeNews) – Bosnian power utility Elektroprivreda HZHB [SAJ:JPEMR] said it has cut its 2019 revenue plan down by 6.8% following the shutdown of operations of one of its biggest clients - aluminium producer Aluminij.
Elektroprivreda HZHB did not provide the revised figure for this year's expected revenue in a statement on its website on Tuesday, saying only that following the correction its total expected income will decrease by 85 million kuna ($12.5 million/11.5 million euro) in 2019.
The company stopped delivering electricity to Aluminij on June 17, it said, and the Mostar-based aluminium giant shut down its operations on July 10 after its power supply was eventually cut off due to swelling unpaid bills.
On the other hand, the cancellation of electricity deliveries to Aluminij has also decreased Elektroprivreda HZHB's planned costs for 2019, by 10.9%, while the planned electricity supply is seen down by 32.6%, according to its revised annual plan.
Parallel with this, the company also revised its annual electricity production plan up by 36.08%, or by 671,4 GWh, since the January-June output of its power plants was 33.3% above plan due to the favorable hydrological conditions.
The company also increased by 14.9% the amount of planned investments in 2019.
Elektroprivreda HZHB, the smallest of the three Bosnian state-owned power utilities, is based in the country's Federation entity.
The Federation, together with the Serb Republic entity forms Bosnia and Herzegovina.
(1 euro = 1.95583 marka)