Bulgaria's ESO 9-mo net profit more than doubles on lower expenses

ESO’s total revenue fell to 1.02 billion levs in January-September from some 1.3 billion levs a year earlier, according to an interim financial statement published on the website of parent company Bulgarian Energy Holding (BEH).

The company booked costs for electricity on the balancing market of 271.6 million levs in the nine months through September, down from 499.8 million levs in the prior-year period. In parallel, costs for power transmission halved to 164.3 million levs from 325.9 million levs.

At the end of September, ESO’s total assets stood at 3.75 billion levs, compared to 3.58 billion levs at the end of 2022.

ESO manages Bulgaria’s high-voltage electricity transmission grid and the transit of electricity flows through the country's territory.

Last month, the company said it is kicking off a project to modernise and expand its grid at a total cost of 760 million euro ($812.1 million), which will be implemented by 2030.

(1 euro = 1.95583 levs)