CEZ reports negative H1 EBITDA from Albanian operations of EUR 91.3mn.

By bne IntelliNews August 13, 2012
Czech power group CEZ posted negative earnings before interest, tax, depreciation and amortisation (EBITDA) from energy distribution and sales in Albania of CZK 2.3bn (EUR 91.3mn) in H1 2012, the company said in a statement. CEZ owns Albanias single energy distribution company. Its EBITDA was a positive CZK 0.3bn (EUR 12mn) in the same period of 2011. CEZ attributed the deterioration to higher network losses and higher market prices for electricity imported as well as to the regulator's decision to increase the purchase prices of electricity from the state-owned electricity producer KESH. In addition, the company has faced losses as a result of the reduction in the margin from the largest customers due to legislative measures. Electricity sales to end-customers declined 27% y/y to 1,745GWh, reflecting lower turnover in all segments. In particular, sales in the households segment were down 27% y/y to 963 GWh. Commercial sales via medium and high-voltage network declined by 38% y/y to 415 GWh. Low voltage commercial sales decreased 11% y/y to 367 GWh in H1 2012. Grid losses surged 56% y/y to 1,777 GWh, accounting for a relatively large share in total electricity distribution.

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