SOFIA (Bulgaria), May 7 (SeeNews) – Czech energy group CEZ said on Tuesday its earnings before interest, taxes, depreciation and amortisation (EBITDA) from power production and trading in Bulgaria reached 100 million Czech crowns ($5.1 million/3.9 million euro) in the first quarter of 2013.
The company posted zero EBITDA in the first quarter of 2012, CEZ said in its financial report for January-March.
The positive result recorded in the first quarter of 2013 was due to higher revenues from availability due to year-on-year lower activation of cold reserve and the slight increase in regulated sales prices from July 1, 2012, it added.
In the distribution and sales segment in Bulgaria, the group’s EBITDA fell by 19% to 300 million crowns in the period under review, due to worsened payment behaviour in connection with massive political protests against the Bulgarian government and high electricity bills at the beginning of the year, CEZ said.
High electricity bills over the winter period sparked protests that ultimately led to the resignation of Bulgaria's government.
The CEZ-owned coal-powered plant in Bulgaria's Varna produced 121 gigawatt-hours (GWh) of electricity in the first three months of 2013, down by 82% on the year, with the drop in production levels being the result of lower demand for deliveries to the regulated market, especially lower activation of cold reserve as well as lower quota production.
CEZ expects its 2013 output from the Varna plant to total 1.0 terrawatt-hour, down by 35% from a year earlier due to lower production for the regulated market.
CEZ began operations in Bulgaria in November 2004. Its local power distribution and sales business covers the city of Sofia, the Sofia region and parts of western and northern Bulgaria.
(1 euro = 25.7614 Czech crowns)