Bosnia and Herzegovina, Elektrokrajina turns to profit in H1 2021, SEE Energy News
Bosnian electricity distributor Elektrokrajina, a subsidiary of power utility ERS, said it recorded a net profit in the amount of 2.1 million euros in the first half of 2021, compared to a net loss of some 2.9 million euros in the same period last year.
The company’s operating revenues dropped by 11 % year-on-year and reached 39.8 million euros in H1 2021, while its operating costs also dropped by 13.4 % to 41.2 million euros. The number of employees decreased from 1,897 at the end of 2019 to 1,659 at the end of 2020.
In late 2019, ERS took over a part of Elektrokrajina electricity distribution business, taking a part of its revenues at the same time. ERS’ Directorate for electricity supply took over the supply of large industrial consumers as of 1
September 2019, while households and commercial customers remained to be supplied by regional distribution subsidiaries.
ERS took over the supply of large industrial consumers connected to 110/35/20 kV networks, namely around 1,000 customers. This move is in line with the Electricity Law of the Republic of Srpska which prescribes that electricity
distribution companies are not allowed to obtain electricity trade and electricity supply licenses. Also, it enables other suppliers to enter the electricity supply market, which is dominated by ERS.