Bosnia and Herzegovina, RiTE Gacko recorded a net profit in the amount of some 170,000 euros in Q1 2022

, SEE Energy News

Coalmine and thermal power plant (RiTE) Gacko, operated by power utility ERS, recorded a net profit in the amount of some 170,000 euros in the first quarter of 2022, compared to a profit of 2.8 million euros in the same period last year.

The company’s operating revenues rose by 30.3 % year-on-year to 18.9 million euros in the first three months of 2022, while operating expenses rose by 60.8 % to 18.7 million euros.

In March, ERS agreed to increase the purchase price of electricity generated by TPP Gacko. According to the new agreement, the purchase price of electricity will be increased to 4.7 eurocents/kWh from initially offered 4.2 eurocents/kWh. This would mean additional 15 million euros for TPP Gacko in 2022. The agreement is valid for one year, although ERS initially offered five-year contract, which was deemed very unfavorable for the electricity producer .