Bosnia and Herzegovina, HET recorded a net profit in the amount of 16.8 million euros

, SEE Energy News

Hydro-based electricity producer “Hidroelektrane na Trebisnjici” (HET), a subsidiary of state-owned power utility ERS, recorded a net profit in the amount of 16.8 million euros, which is six times higher compared to the same period last year.

The result was achieved due to an increase in the price of electricity on the global markets, given that the Republic of Srpska (RS) had significant amounts of electricity available for export in the past few months.

This is supported by the fact that HET’s sales to related legal entities rose to 36.8 million euros in the first nine months of 2022, compared to last year’s 22.7 million euros. Namely, parent company ERS is buying electricity from its generation subsidiaries and supplies it to the population and the economy, with surplus being exported.

The company’s total revenues in the January- September 2022 period increased to 37.8 million euros from 23.4 million euros in the same period in 2021. Total expenditures also rose, but at much lower rate – from 20.6 to 22.5 million euros.