TERNA ENERGY has announced a significant increase in financial performance for 2023.
Listed on the Athens stock exchange and member of the GEK TERNA group, it is undoubtedly a leader in electricity generation from Renewable Energy Sources and also in the field of environmental projects.
As you will read in OT, TERNA ENERGY for the past year announced a 10% increase in revenues and 8.3% in profitability with adjusted EBITDA closing at 178.4 million euros.
Game changer
A game changer in the company’s financial performance was the network of wind farms in Kafirea in Evia.
The largest wind farm in Greece with a capacity of 327 MW, it looks like an offshore wind farm and since the last quarter of last year – when it was put into operation for the first time – brought TERNA ENERGY a 16% increase in revenue and 41.2% in adjusted operating profitability compared to the corresponding quarter of 2022.
2024 will be the first year of full operation of “Kafireas” and then the full magnitude of its contribution to the company will be captured.
The new projects
However, TERNA ENERGY is going for the new target in installed capacity of RES projects. That’s 2 GW of the 1.2 GW it has today.
From the annual financial statements, I found the estimate that the listed company wants to complete in 2024-2025 ten new RES projects with a total capacity of 600 MW.
“The best is yet to come for the shareholders”, an analyst characteristically commented to me…
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End of deadline
Today is the deadline set by the Minister of National Economy and Finance Mr. Kostis Hatzidakis for the completion of the interconnection of the cash registers with the POS. And from May 1, fines will begin to “fall” on those professionals who have not done so. Yes!
Protest
Yesterday, however, with an angry but also sufficiently clever announcement, the Association of Office Machines describes the situation that prevails in the “circuit” of the interface. A situation which is not only flattering for Mr. Hatzidakis! He characteristically notes that “with an inappropriate approach to the issue of the interconnection of cash systems, the government forced entrepreneurs into a struggle with time, resources and fear. An approach that relied on numbers and tables undermining the relationships of trust and stability that had been established between businesses and customers.”
Intimidation
And he adds that “from the summer of 2023 when the efforts to upgrade the cash systems began and until February 2024, only 30% of them had been completed. As a result, upgraded POS did not exceed 10%. Then, and with this data, in an unprepared and immature field, a campaign of intimidation, with the threat of fines, was launched in order to achieve interconnection. A campaign that continues to this day even though the government has known for months that it is impossible to implement the specific project within the time limits it has set.” Let me remind you that Mr. Hatzidakis repeatedly spoke of suffocating schedules, which threaten the funding of the project, stressing that April 30 is the deadline. Henceforth “woe and woe unto you”! ADAE will have the floor…
Will another extension be granted?
And the entrepreneurs note that “on the one hand there are businesses that face the technical challenges that come with interconnection. The problems that still exist, many. Problems that create terrible insecurity for professionals, loss of confidence and decrease in sales. Entrepreneurs are in a race against time and technology, trying to ensure the integrity of their data and the proper functioning of their stores.” At the moment, the parliaments of Mr. Hatzidakis are unknown. Will an extension be finally given or will Mr. Pitsilis cut short walks handing out fines! Today we will learn….
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Mr. Kostas Skrekas
Finally, the Minister of Development Mr. Kostas Skrekas is… irreplaceable! I think he is the right person in the right position – former Minister of Development Mr. Adonis Georgiadis “sees his dust”! Yesterday, he “sold” to precision-affected consumers, a tool that has been working for years, as new – that is, he “cleaned” it, “polished” it and put it in the … showcase of the ministry. This is the platform of the e-Consumer Ministry!
Visit!
And what he said to consumers – we said financially suffering – that they can “go in” and see which is the cheapest chain and go shopping. He characteristically said that “the platform provides the consumer with the ability to transparently compare prices on -currently- 3,000 basic and fast-moving consumer goods, within a minimum of time.” That is, he can go to buy, for example, feta cheese from the alpha chain, beans from the b chain and so on. Because as not only those who shop the market know, but also the informed consumers, in some products one chain is cheaper, in others it is the other and so on! The consumer will start from 10 in the morning and by the afternoon the basket will be full…
“polishing”
And this he sold as a modern “tool” against precision. Yes, by God! There is also a map on the platform so that the consumer can check all the supermarkets that are close to their place of residence, before starting shopping. And thus it also saves time. It is a fact that poor art is processed! And because the Ministry of Development and the government in general is in a state of poverty in terms of “tools”, they “polish” what exists and “sell” it…
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