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Nov 18, 2022 17:50 EEST
November 18 (SeeNews) - Bulgarian thermal power plant (TPP) Maritsa East 2 reported a net profit of 762.06 million levs ($404.3 million/389.6 million euro) for the first nine months of 2022 after a loss of 182.2 million levs in the same period of 2021.
The positive development was mainly due to a significant rise in prices and the volume of energy produced and sold, the plant operator said in an interim financial statement published on the website of parent Bulgarian Energy Holding (BEH).
In the period under review, the company’s total revenue soared to 2.77 billion levs from 595.1 million levs a year earlier.
Sales shot up to 2.76 billion levs from 586.9 million levs. The biggest part of the amount was generated via sales on the free market, including the Independent Bulgarian Energy Exchange (IBRX).
In terms of volume, the company sold energy of 6.18 million MWh in the first nine months of 2022 compared with 2.7 million MWh a year earlier.
In parallel, the plant’s total operating expenses surged to 1.97 billion levs from 750.2 million levs. The company incurred greenhouse gas emission costs of 1.3 billion levs, up from 409 million levs a year earlier.
Maritsa East 2 said the main reason for its losses between 2014 and 2021 were costs for purchasing allowances for greenhouse gases. Thanks to the current higher electricity prices, however, the plant operator is able to cover all its production expenses, breaking the negative trend of losses.
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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