Business news

Energy group GEN's annual revenue at EUR 2.2bn

Krško, 13 January (STA) - Power utility group GEN generated over EUR 2.2 billion in revenue and EUR 48 million a net profit last year. The parent company in the group, GEN Energija, generated EUR 207 million in revenue and EUR 26 million in net profit.


The group, which exceeded plans by 25%, had a good business year, and invested EUR 100 million, GEN Energija CEO Martin Novšak told the press in Krško on Monday.

GEN Energija has five subsidiaries, including Slovenia's only N-plant NEK, which is jointly owned with Croatia, and two chains of hydro power plants on the Sava.

NEK worked at full speed throughout the year and in a stable manner, exceeding the plans to produce 5,532 gigaWatt hours of electricity.

The state-owned group met all the expectations of state-assets custodian SSH, and finished as the second largest group in Slovenia in terms of revenue, according to Novšak.

This year GEN plans to generate around EUR 2.4 billion in revenue and EUR 54 million in net profit, and invest EUR 150 million, said GEN Energija director Danijel Levičar.

The group will continue planning the project of construction of a second nuclear reactor, on which the government has however not taken any final decision yet.

GEN deems the project "economically viable and justified from the aspect of the environment and climate".

NEK will continue with upgrades, including with a new high-pressure turbine which will enable it to raise output by 80 gigaWatt hours a year.

The nuclear power station moreover expects to obtain a building permit for a dry cask storage facility for spent nuclear fuel this year.

GEN's power station Termoelektrarna Brestanica plans to complete gas turbine unit seven in the second half of the year.

The group also plans to strengthen its GEN-I trading segment, foremost by purchasing power producer Elektro Primorska's electricity trader E3.

The group's vision is to become an international leader in reliable, safe, competitive and low-carbon energy supply, according to Levičar.

Through its marketing and sales companies, the group is present in more than 20 countries in Central and Eastern Europe. The parent company has 60 employees, whereas the number of employees at group level is around 1,400.