Croatia: Electricity sector still dominated by HEP, SEE Energy News
In 2019, the negative trade balance amounted to 542 million euros. The largest revenues in 2019 were generated by two state-owned companies: HEP (1.39 billion euros) and HEP-Proizvodnja (555 million euros). And among privately owned companies, the largest revenues were generated by GEN-I Croatia (123.5 million euros) and E.ON Energija, former RWE Energija (121.5 million euros).
The share of companies from the state-owned HEP Group in the production, transmission and distribution of electricity is still huge, although it has decreased since 2008: in the number of employees from 98.5 % to 91.8 %, in total revenues from 98.6 % to 80 % and in net profit from 93.9 % to 79.1 %. In the period between 2008 and 2019, the number of companies involved in these activities increased many times – from 89 to 708, while the number of employees in 2019 (11,274) was lower than in 2008 (13,465). The biggest impact on this decrease was the change in the number of employees in the distribution system operator HEP-ODS (9,271 in 2008 and 6,535 employees in 2019, or 29.5 % less). In addition, a large number of companies established in the observed period are without employees or with a small number of employees.
Total revenues in the period of 11 years increased from 2.8 billion euros (2008) to 3.9 billion euros realized in 2019. Throughout the observed period, a positive financial result was achieved – net profit, which increased from 28.5 million euros in 2008 to 290 million euros in 2019 (an increase of 938.4 %). The trade balance throughout the period was negative because imports were higher than exports. The largest difference between exports and imports was in 2012, when it amounted to 580 million euros, and the smallest in 2014, when it amounted to 210 million euros.