The Electricity system operator ends with a profit of just over BGN 41 million in the first half of 2021

The Electricity system operator (ESO) ended the first half of 2021 before taxes and other comprehensive income with a profit of BGN 41 million 134 thousand (BGN 41 135 thousand). This is clear from the published interim report of the company for the first 6 months of the current 2021.

According to the report, the total revenues generated by the Electricity System Operator for the first half of 2021 amount to BGN 341 million 696 thousand (BGN 341 696 thousand). Including sales revenues - BGN 315 million 817 thousand (BGN 315 817 thousand), other operating revenues BGN 25 million 545 thousand (BGN 25 545 thousand), recognized revenues from reintegration in the amount of BGN 328 thousand in connection with favorable changes in anticipation of credit losses on financial instruments (receivables) and financial income BGN 6 thousand.

The total reported expenses of the company are BGN 295 million 962 thousand (BGN 295 962 thousand), including financial expenses of BGN 111 thousand,

"The financial result for the first half of 2021 before taxes and other comprehensive income is a profit of BGN 47,734 thousand (BGN 47 million 734 thousand) and after reported income and other expenses for income taxes for the period January - in June 2021 the profit was reduced to BGN 41,134 thousand (BGN 41 million 134 thousand) ", the report says.

The company also reports the factors that influenced the financial result. Among them are the pricing and regulatory decisions of the EWRC, the effective amendments to the Energy Act from February this year, which provide for the elimination of transactions for the purchase of cold reserve and the introduction of market-based transactions for the purchase of availability for reserves for primary regulation of frequency, automatic secondary control and manual secondary control of frequency and exchange power. As well as the increase in revenues from access for electricity producers, except for those with dynamically changing generation as a result of two effects: higher quantities of electricity produced by 11.63% compared to January-June 2020 and higher weighted average price for 2021, compared to the previous period. Also an increase in revenues from access for end customers, as well as in revenues from transmission as a result of higher quantities and higher weighted average price for the first half of 2021, compared to the same period in 2020.

In conclusion, the authors of the report note that of the profit of BGN 45 million 734 thousand (BGN 45 734 thousand) is a profit of the regulated prices of BGN 33 million 477 thousand BGN).

The report notes an improvement in the rate of return on sales, return on equity and a slight decrease in the ratio of total liquidity, which, however, according to the report is explained by a decrease in cash of the company, and on the other hand with the implementation of the investment program . A slight decrease was also reported in the financial independence of the company from creditors, as well as a slightly higher indebtedness ratio.