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Bulgaria power consumption - Dec 02, 2023
Sep 13, 2023 16:40 EEST
September 13 (SeeNews) - Bulgarian state-owned thermal power plant (TPP) Maritsa East 2 said that its net profit declined to 128.4 million levs ($70.6 million/65.6 million euro) in the first half of 2023 from 270.8 million levs a year earlier, as revenue and operating profit fell.
In the six months through June, total revenue at Maritsa East 2 dropped to 933.5 million levs compared to billion levs in the same period of 2022, according to its interim financial statement published by parent company Bulgarian Energy Holding last week.
Revenue from sale of electricity on the free market came in at just over 888 million, a decline from 1.57 billion in the first half of 2022, although last year's record revenue was the result of energy price spikes in the wake of Russia's invasion of Ukraine.
At the same time, the lignite-fired plant’s total operating expenses narrowed to 790.7 million levs from some 1.34 billion levs a year ago. Maritsa East 2's greenhouse gas emission costs stood at 423.6 million levs as of end-June, down from 906.8 million levs in the like period of 2022, due to lower production.
Production and sales depend on programmes agreed with the National Electricity Company (NEK) and power grid operator ESO, on quotas set by the Energy and Water Regulatory Commission (EWRC) and on demand from the unregulated market.
"Since the end of 2022 and in the first half of 2023, there is a tendency to decrease the exchange prices of traded electrical energy in the country and the region, combined with the maintenance of high prices for greenhouse gas emissions quotas, which severely limits the possibilities of TPP Maritsa East 2 EAD to realize its production at prices that cover full costs and ensure a normal rate of return," the plant operator said.
The company's total assets were 1.89 billion levs, a 11.7% decline on December.
State-owned TPP Maritsa East 2 has eight operating units with a total installed capacity of 1,620 MW.
(1 euro = 1.95583 levs)
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