An article published in Capital provides an overview of the financial results of the largest energy companies in Bulgaria. The article is part of the ranking “K100: The largest companies in Bulgaria.”
The turnover of the top 35 energy companies doubles to 27.5 billion BGN, and the earnings are almost six times more. The reason for this is the high prices of energy products. As this trend continues, 2022 will be even more successful.
The three leaders in the sector are state-owned – NEK, Kozloduy NPP and Bulgargaz, and they contribute to more than half of the profit in the ranking. NEK’s revenues increased by 61% to 4.1 billion BGN, but the positive financial result grew by an impressive 1300% – to 650 million BGN. With this result, NEK becomes the second largest company in Bulgaria by revenue after Aurubis.
At Kozloduy NPP, the situation is very similar. The company reports the largest profit in the history of Bulgaria of 890 BGN million, but in reality the money was used to provide compensations for the business consumers for the high electricity bills. For the first half of this year, the NPP set new records – 2.7 billion BGN in revenue (the amount of revenue for the whole of 2021) and 1.7 billion BGN in profit.
The largest supplier of natural gas in the country – “Bulgargaz” also reported an extremely successful year. Revenues increased three times to a record 2.1 billion BGN, the profit was also impressive – almost 64 million BGN.
From the data of the energy companies for 2021, the exceptionally good performance of the DSOs. Those are electricity supply and distribution companies of “Electrohold” (formerly CEZ), EVN and “Energo-pro”. All of them are increasing their revenues significantly and reporting profits not seen in years.
In power trading, the changes are related not only to the turnovers, but also to the players in general. The leader among electricity traders for 2019 and 2020 – “Grand Energy Distribution”, for example, is the only company in the ranking that reports a decrease in revenue. More interesting is the rise of a new leading company in electricity trading – “Nomad Energy Company”. The company enters directly in the 16th position in the ranking and in fourth place among electricity traders with revenues of 679 million BGN.
As for the other players, the market leader is “Electrohold Trade” (before “CHEZ Trade”). The company increased its revenues by almost 80% – to over 837 million BGN, which is mainly due to the rise in electricity prices, and not so much to greater sales. It is followed by “Energo-pro energy services”, whose turnover has been increased almost three times. The third largest trader in the country in 2021 was “EVN Trading South East Europe”.
In the top 35 there are also three companies that, in addition to electricity, also trade in natural gas. These are “Axpo Bulgaria”, “MET Energy Trading Bulgaria” and “Udinex”.
The two national transmission operators – the Electricity System Operator and “Bulgartransgaz” report about 50% more income, mainly due to the higher consumption of electricity and gas last year compared to 2020. Both companies achieve profits – ESO has 79 million BGN, and “Bulgartransgaz” – 140 million BGN.