Gen, the state-owned power group that also includes the Krško nuclear power plant, posted €204.5 million in net profit in 2023, up from €23.6 million the year before, as revenue dropped by 29% to €2.97 billion.

Presenting the figures at a press conference in Ljubljana on 25 January, Dejan Paravan, CEO of the group's parent company GEN energija, said the results were affected by relatively high electricity prices at the start of 2023.

The Krško plant had to be shut down for unexpected repairs due to a micro leak on a pipe in the primary system in the second half of the year. Taking 43 days and costing €49.6 million, these had been the longest unplanned repairs in its 40-year history, Paravan said.

The group's operations were also impacted by price regulation last year at an estimated cost of €195 million.

Gen held 48.7% of Slovenia's household electricity market last year, while its share in supply to companies was 17.6%.

In addition to the Slovenian half of the Krško nuclear plant, the group also includes a chain of hydro power plants on the Sava, the Brestanica gas-fired power plant, and GEN-I, the largest electricity trader in the country.

Bulk of output from nuclear source

The group generated 3,433 GWh of electricity last year, which accounted for 28% of Slovenia's consumption.

The nuclear power plant produced 77% of Gen's energy output, 22% was produced by hydro power plants and 1% by solar plants. The gas-powered thermal power plant was on standby and not in commercial use.

High water levels had a positive impact on Gen's operations, with the volume of hydro power generated increasing by 70% compared with 2022.

Last year, the group connected to the grid 9 MW worth of its own solar plants, the largest being a 6 MW facility operated by HSS. The group built 63 MW in solar plants for private investors: 38 MW for households, while the rest were mostly businesses.

Price growth expected to slow

This year, Gen expects the increase in wholesale energy prices to slow, which will also be reflected in electricity prices. All groups of consumers can expect prices similar to last year's. The group believes that price regulation will no longer be needed next year.

It believes that its dividend payout to the tune of €100 million will help in the reconstruction following the August floods. In December, the group donated €1 million to a special-purpose reconstruction fund launched by the government and made additional donations worth a total of almost €500,000.

Plans for second nuclear unit

The group's core company, Gen Energija, is expected to be in charge of Slovenia's largest investment in decades, a second nuclear reactor in Krško, which is estimated to cost over €10 billion.

Paravan said a seismic study will expectedly be completed in April, while in May the results are expected of a study looking into the effects connecting to the grid a reactor with a capacity of up to 2,400 MW.

In the second half of the year, zoning procedures will expectedly be launched, as well as impact assessment and other relevant analyses. The group is also working on proposals for different business models and has already started cooperating with all three possible suppliers.

Prime Minister Robert Golob called a meeting of parliamentary parties for next week to discuss the second nuclear reactor after the opposition Democrats (SDS) filed a proposal for a referendum on the issue.