Greece: ADMIE posted record revenues from interconnection usage rights

24. May 2016. / SEE Energy News

The majority of ADMIE’s interconnection usage rights earnings (46 %) was provided by electricity imports from Bulgaria, followed by Macedonia (20 %), Albania (13.5 %), Italy (12.85 %) and Turkey with 7.76 %.

Greek electricity system transmission operator ADMIE has posted record high revenues from interconnection usage rights in 2015 provided by Turkey, Bulgaria, Macedonia, Albania and Italy, which amounted to 57.3 million euros.

Previous record was set in 2014, when these revenues amount to some 45 million euros, opposed to preceding years when the revenues from interconnection usage rights usually amounted to around 35 million euros or even less.

The increase of cross-border trading in 2015 was a result of increased electricity imports into Greece, which covered about 19 % of the last year’s electricity consumption.

Although the record was set, the achieved revenues at the end of 2015 were significantly lower than initially planned 65 million euros in revenues from interconnection usage rights. The capital controls imposed by the Government in mid-2015 restricted electricity imports, thus increasing domestic electricity production, mainly in gas-fired thermal power plants. Therefore, the revenues in the first half of 2015 amounted to 34 million euros, while reaching only 23.3 million euros in the second half.

The majority of ADMIE’s interconnection usage rights earnings (46 %) was provided by electricity imports from Bulgaria, followed by Macedonia (20 %), Albania (13.5 %), Italy (12.85 %) and Turkey with 7.76 %.

In 2015, ADMIE recorded a total turnover in the amount of 258 million euros, compared to 262 million euros recorded in 2014. The company’s earnings before interest, taxes, depreciation and amortization (EBITDA) reached 155 million euros in 2015, which is significantly lower in comparison to 213 million euros a year before. Last year’s net profit amounted to 35.5 million euros, down from 69.9 million euros in 2014, transmits Serbia-energy.eu

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