National Electric Company's Profit up by BGN 12.2M for 2016

The National Electric Company (NEK EAD) might have a total profit around BGN 12.2M by the end of 2016, according to the outgoing Energy Minister Temenuzhka Petkova, cited by BGNES.

The profit of NEK, if confirmed, would be  a significant achievement compared to the loss of the company with BGN 203M for the  first nine months of 2015. However, the figure does not include expenses that follow the decision of the International Court of Arbitration in Geneva for the Belene nuclear power plant (NPP) project.

For the first 9 months of the this year, NEK generates nearly BGN 155 M in losses, and in this amount are included costs associated with the decision of the International Court of Arbitration.

The nuclear deal cost the businesses more than EUR 77M (USD 86M), while losses unrelated to Belene amounted to EUR 78 M, added Petkova.

The earnings of NEK for the fourth quarter of the year would be around BGN 89M, according to the expectations of the Ministry of Energy. In case that the optimistic forecast is confirmed, the improvement of the results of NEK for 2016 would amount to BGN 190M compared to 2015.

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