National Electricity Company (NEK) recorded a net profit of 80.5 million euros in the first nine months of 2023, compared to a profit of 421.5 million euros in the same period last year, due to a drop in hydropower production and a decrease in electricity sales.
In the same period, NEK’s total revenues amounted to 1.34 billion euros, down from 2.03 million euros. Revenues from sales of electricity fell by 60% to 615 million euros, partly due to falling electricity prices in the Bulgarian and European exchanges.
The share of electricity sales in overall revenues fell to 46% from 76% in the first nine months.
The fall in revenues was also due to a 25% drop in electricity output from hydropower plants to 1,522,985 MWh, as a result of insufficient rainfall. Weak demand and negative trading conditions on exchanges led to a decline in electricity sales on IBEX and the unregulated market.