/ world today news/ 947 million BGN loss reported by NEK from electricity sales on the regulated market.
The reason is that the company sells each megawatt hour of energy at a regulated price, which is nearly BGN 60 lower than the purchase price. The amount was accumulated over 12 months – from July 1, 2014 to the end of June 2015, according to the company’s report for the second quarter. Thanks to the profit, the loss from sales as a whole is reduced to BGN 825 million.
Including in the account the compensations approved by NEK from KEVR for past years, the negative financial result for the last year is BGN 515 million. Of this, BGN 338.7 million was accumulated from July to December 2014, and the rest – BGN 176.7 million – from January to June this year.
NEK notes that the loss for the first six months of 2015 was formed entirely in the second quarter. NEC also report a negative working capital of slightly over BGN 1 billion – an amount that should be paid to the power producers.
Electricity sales at the end of June jumped by 6.4% year-on-year. However, they are almost entirely due to the growth in the free market – by 33 percent. Thanks to the wet year and the 80% higher production of its own hydropower plants, NEK purchased 5.5% less electricity for this period. However, this failed to ease its finances much, as it had to pay for 15% more green electricity production, its report shows.
It is also clear from the NEK report that the legal amendments from March, with which it was decided to buy only the highly efficient energy from the heating plants and from the factory plants, are yielding results. Their production has decreased by 30 percent on an annual basis, and only for the factory centrals the drop is almost 50%. NEK notes that RES, together with the heating plants and the factory centrals form 54% of its costs for electricity purchases. At the same time, the amount of them is only 33% of what was purchased. This, in combination with the 67 percent drop in purchases of the cheapest electricity from the Kozloduy NPP, is the reason why costs have not been reduced, the electricity company explains. / Monitor
Sofia / Bulgaria
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