Bulgaria, Kozloduy NPP Records 488m-Euro Profit in First Quarter, SEE Energy News
In the first quarter of this year, the Kozloduy nuclear power plant made a profit of 954 million levs (487.8 million euros). In the same period last year, the profit amounted to 137.7 million levs (70.4 million euros), or almost seven times less.
This is due to high stock market electricity prices. A year ago, the average spot price was around 100 levs (about 51 euros) per MWh, while in March 2022 it reached 500 levs (about 255 euros) per MWh.
Given that fuel and maintenance costs have not changed (as in the case of gas-fired power plants), the profit margin of Kozloduy NPP has reached an impressive 65% (compared to 36% a year ago). In the first quarter of 2021, revenues from the sale of electricity amounted to 382 million levs (195.3 euros), and this year 1.47 billion (751.6 million euros).
The state has repeatedly withdrawn extraordinary dividends from the company in order to provide funds for the payment of compensation for electricity. In the same way, a large part of this profit will be used to cover compensation for customers who buy electricity on the stock exchange.
The current support scheme is valid until the end of April, but will probably be extended at least until the end of June, as electricity prices have remained high due to the war in Ukraine and uncertainty in the energy market.
High revenues of Kozloduy NPP also lead to higher payments to the Energy System Security Fund, which account for 5% of revenues. With 750 million euros in revenue from the sale of electricity, this amount will reach 38.4 million euros.
Data for the last quarter of last year, ie for the entire year 2021, have not been published yet, but the nuclear power plant will probably break all records in terms of annual profit in the recent corporate history of Bulgaria.