The Slovenia Times

GEN-I sees another record-breaking year


Ljubljana - Energy trader GEN-I generated a net profit of EUR 71 million last year on EUR 3.4 billion in revenue, according to figures presented on Monday by Robert Golob, the former CEO. He called the results fantastic, record-breaking.

The profit was up more than fourfold and revenue rose by 50% compared with 2020 when the company reported sales of EUR 2.1 billion and a net profit of EUR 15.4 million for 2020.

The group has been run by plenipotentiaries since mid-November as Golob, the long-serving CEO, failed to get a new term and no replacement has been appointed.

If the two shareholders, GEN Energija and GEN-EL, fail to decide on a new management at the shareholders' meeting tomorrow, an interim management is to be appointed by a court.

Under two proposals Golob was to resume as CEO, and under one the helm is to be taken over by Martin Novšak, director general of GEN Energija.

However, Golob told reporters in Ljubljana today that he had withdrawn his consent to manage the company. "I won't be on the management board any longer," he said as he announced his bid for the leadership of Z.Dej, a party founded by former Environment Minister Jure Leben.

Golob described 2021 as the most successful year for GEN-I yet. The bulk of revenue, EUR 3 billion was generated abroad.

The company sold over 200 terawatt hours of electricity in the futures market with Golob illustrating that they buy and sell 15-times worth of Slovenia's power and gas abroad.

The company also launched a subsidiary in North America and increased the number of customers by almost 25,000 as it froze power and gas prices.

Capital expenditure went up by 50% to roughly EUR 13 million, which Golob said was invested in digital and green exclusively.

GEN-I also promotes and builds solar plants. It has installed more than 3,300 such plants for households. Of the 80 megawatt worth of contracts signed so far, 50 MW worth were last year.

The company also started building what will be the largest photovoltaic plant in North Macedonia, a 17 MW facility that Golob says will return the cost of investment in four years.

According to Golob, GEN-I opened 100 new jobs last year, about as many as each year, and the value added per employee rose from EUR 100,000 to over EUR 250,000.

Given the strong growth in revenue and profit, Golob is eligible for a performance bonus, which will be decided by the shareholders' meeting in June. He said he would give the bonus to charity.

Golob remains employed with GEN-I. Since 18 November 2021 he has been managing director of the strategic portfolio of energy purchasing. He plans to stay with the company until he gets a new job, which he believes will probably be as MP.


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