Energy group GEN trumped 2020 plans with EUR 65m in net profit

Krško – Power utility group GEN, which manages the Slovenian half of the Krško power plant, exceeded its plans last year despite the challenging situation and delayed investments due to the Covid-19 epidemic. There were also no disturbances in electricity supply. Net profit reached EUR 65 million, CEO Martin Novšak told the press on Thursday.

The group’s revenue topped EUR 2.3 billion, and companies from the group carried out EUR 100 million in investment. “We had very ambitious plans for last year, the highest so far, and at the group level we exceeded them by about 20%,” said Novšak.

The core company, Gen Energija, also exceeded plans with revenue standing at EUR 230 million and a net profit of EUR 45 million.

According to Novšak, all key expectations of Slovenian Sovereign Holding were met last year. In terms of revenue, GEN was the second largest group in the country, he said, adding that the group had generated more than 40% of electricity in Slovenia.

Despite a short shutdown as a result of an earthquake at the end of last year, the Krško Nuclear Power Plant (NEK) surpassed planned output by 1.4% and produced more than six terawatt-hours of energy.

In hydro energy, where the group operates Savske Elektrarne Ljubljana and Hidroelektrarne na Spodnji Savi, the conditions were very bad in the spring but this was partly compensated for in the autumn.

This why Termoelektrarna Brestanica also operated, especially in the summer months. It was generating electricity for sale on the market, so its planned production was doubled last year.

Business director Danijel Levičar said that important steps had been made last year regarding a second NEK reactor as the group applied for an energy permit to build the reactor. A macro economic study is now under way to assess the impact of the construction on the economy and society.

“Nuclear energy in Slovenia is indispensable for a modern, strategically-oriented energy self-sufficiency of the country and for strengthening economic and social development. The group also strongly supports the implementation of the goal of a carbon-free society,” he said.

This year, NEK maintenance is planned. Several scenarios have been prepared because of the epidemiological situation, but Levičar thinks it should still be able to be carried out. “The maintenance will be comprehensive and it will take 35 days.”

The group plans EUR 105 million in investment this year, including all investments in NEK, the start of construction of the Mokrice hydro power plant and investments in Savske Elektrarne Ljubljana.