Банкеръ Weekly

Briefs

ELECTRICITY DISTRIBUTION COMPANIES REPORT PROFITS

The Q1 net profit of the of the Czech energy holding CEZ was some EUR360MN, company insiders announced on Tuesday (May 23). Its proceeds reached EUR1.5BN, marking a 25.8% growth from the same period of 2005.
That tendency is also maintained in electricity generation. For the first three months of 2006 the power plants owned by CEZ amounted to 16,763 gigawatthours. Sales of electricity rose some 13%, reaching 22.2 terawatthours. The three domestic electricity distribution companies - of Sofia, Sofia region, and Pleven - sold 113 gigawatthours of electricity in January-March 2006, reporting a 4.8% growth year-on-year.
The excellent results for the first three months of this year are indicative of the Czech holding's good financial state. The acquisition of two new power plants in Poland and one in Bulgaria will increase the total installed capacity of the company by 17 per cent, said Martin Roman, CEZ BoD Chairman and Executive Director.
Another big foreign investor in Bulgaria - Italy's Enel - also announced its Q1 results. Its net profit totalled EUR842MN, marking a 9.6% increase from the same period of last year. Its proceeds exceeded EUR10BN, and its gross operating profit amounted to EUR2.1BN. The Italians are a majority owner of Maritsa Iztok 3 thermoelectric power station and announced interest in participating as a strategic investor in the project for the construction of the Belene N-plant.

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