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Croatia’s power board HEP reports 27% drop in H1 profit

Venezuela, Caracas, Cruz Roja Venezolana
Croatia's power board HEP reports 27% drop in H1 profit

ZAGREB : Croatia’s state power board HEP on Wednesday reported a 27 per cent drop in first-half profit compared to the same period last year to 859.3 million Croatian kuna ($126.6 million), as power generation from hydropower plants fell and operating costs rose. Power generation at hydropower plants declined nearly 34 per cent due to low rainfall, as well as an outage at the 252-megawatt (MW) Dubrovnik hydro power plant, which remains shut after a fire in January. As a result, HEP was forced to import more power and boost generation at coal-fired plants by 23 per cent, increasing operating costs. A total of 1,504 GWh of electricity was provided by the Krsko nuclear plant that HEP shares with neighbouring Slovenia – 14.5 per cent of the electricity that was available to HEP. HEP‘s revenues rose 3.6 per cent to 7.8 billion kuna, while costs jumped 10 per cent to 6.8 billion kuna, it said. Overall investments amounted to 868.3 million kuna. HEP recently announced plans to invest 1 billion kuna a year on average until 2030 to boost production from renewable energy . The Croatian government said in August it had approved the issue of a corporate bond worth up to 1.2 billion kuna by HEP on the domestic capital market .