Bulgaria: NEK recorded a 60 million euros profit in Q1, SEE Energy News
Bulgarian state-owned National Electricity Company (NEK) recorded a net profit of 60 million euros in the first quarter of 2023, compared to a net loss of 4.3 million euros in the same period in 2022.
The company’s total revenues increased to 562 million euros in the first quarter from 522 million euros in the same period of 2022, despite a 39 % annual drop in revenues from sales to 244 million euros. Revenues from the Electricity System Security Fund rose to 317 million euros in January-March 2023 compared to 120.5 million euros a year earlier.
At the end of 2022, Bulgaria introduced a 33 % corporate tax on windfall profits of fossil fuel energy companies in 2022 and 2023. In addition, for the new 2022-2023 pricing period, the Commission for Energy and Water Regulation increased carbon prices to 91 euros per ton.
NEK owns and operates an electricity generation capacity of 2,737 MW. With 31 hydropower plants in operation, it is also the largest renewable energy producer in the country.