Kozloduy NPP
The profit of Kozloduy NPP for the first half of 2020 is 126 million BGN. This is clear from the financial report published by the company. The decline in profit was 21.5% compared to the same period last year. The lower financial result is due to market situation related to coronavirus, the company explained.
The operating revenues of the company are for 580 million BGN, which is by 57 million BGN less compared to the same period last year. In the first half of 2020, the total amount of financial revenues at Kozloduy NPP is 725 million BGN. The revenues from NEK are 145 million BGN.
The electricity produced by Kozloduy NPP for the first half of 2020 is over 8.1 million MWh, which is close to the production in the same period last year – there is a slight increase of about 0.4%. The company stated that the two reactors operated at reduced capacity in May and June due to insufficient demand of electricity on the liberalized market.
TPP Maritsa East 2
For the first half of the year, TPP Maritza Iztok 2 generated revenues from operating activities of 231.4 million BGN, which is a drastic decrease of 27% compared to the same period last year. At that time, the company’s revenues were 316.6 million BGN. This is clear from the company’s financial statements for the first half of the year. Revenues from sales on the liberaliz electricity market decreased significantly. They collapsed to only 12.4 million BGN, in comparison in 2019 they were 184.8 million BGN. All this is offset by the revenues that the plant receives from NEK. They have increased from 108.2 million BGN in 2019 to BGN 209.5 million.
For the first half of 2020, the state power plant reports a loss of 128.7 million BGN, it is clear from the company’s financial statements. The loss is 41.6 million BGN less compared to the same period in 2019, when the record 170.3 million BGN loss for the company was reported.
According to the plant’s data, the costs for the quotas for the first half of the year are 130.2 million BGN. Separately, the company has transferred 11.2 million BGN to the Security of the electricity system fund, and the costs for access to the electricity transmission network were 3.5 million BGN. In the current situation, the company continues to rely mainly on BEH and the state to be able to continue its activities.
Figure 1. Sales of Kozloduy NPP and TPP Maritsa East 2 on the regulated and liberalized market for the first 6 months of 2020
National Electric Company (NEK)
The National Electricity Company reported a pre-tax profit of BGN 50.3 million for the first half of this year. The increase in revenues from electricity sold by NEK to Final Suppliers has a favorable effect on the financial result, which compensates for the lower revenues from the liberalized electricity market. The company also reports an increase in dividend income, a reduction in provision costs and a better structure of purchased electricity in the first half of the year.
Despite the good results in the first half of 2020, NEK continues to operate in the conditions of negative net working capital and deteriorating cash flow. The production of electricity from NEK’s large hydropower plants is similar to a dry year and the hydropower plants have produced over 1.2 million MWh of electricity for the first half of the year. The quantities are 5% lower compared to the same period last year. Despite the higher sales of electricity to the final suppliers, NEK also reported that due to the coronavirus for the first half of the year they managed to sell less electricity on the liberalized market. On the other hand, the filling rate of water reservoirs are significantly higher compared to 2019 according to ENTSO-E data.
Figure 2. Aggregate filling rate of water reservoirs and hydro storage plants 2020 compared to 2019
Source: 3e-news
