Group revenue at Gen Energija at EUR 2.3bn last year

Krško, 10 January (STA) - Gen Energija, the state-owned power utility, made EUR 38m in group net profit on revenue of EUR 2.3bn last year, which is up from EUR 28m and EUR 2bn in 2017, respectively, and according to CEO Martin Novšak more than 40% above plans.

Gen Energija, which owns the Slovenian half of the Krško Nuclear Power Plant (NEK), invested EUR 100m last year, with maintenance works and upgrades at NEK and the finishing of generator 6 at Brestanica Thermal Power Plant highlighted by Novšak as the most important ones.

Works at NEK included the construction of a secondary command room, while the works scheduled for autumn will involve the third stage of security upgrades and procedures for constructing dry cask storage.

At the Brestanica plant, Gen will continue the multi-phase project of replacing old gas-fuelled generators and the construction of a seventh generator.

Moreover, Gen finished the one-year trial period at the Brežice Hydro Plant in October and is now preparing for the construction of the last hydro plant in the south-eastern part of Sava, the Mokrice plant. Novšak expects construction to begin in the autumn.

He told reporters on Thursday that Gen had had a successful year in 2018, in part due to favourable hydrological conditions. The group surpassed its plans for electricity production.

Looking forward, Gen's affiliate Savske Elektrarne Ljubljana is expanding to the field small hydro plants, while for Gen the main development challenge remains a second generator at NEK.

"We would need it now due to advantages in implementing supply reliability and competitiveness goals, and climate goals," Novšak said and added that the group was ready for the second generator and only needed "political will and greater acceptance in the public".

The core company, Gen Energija, made EUR 25m in net profit and generated EUR 200m in revenue last year.