Business News

Energy Company GEN-I Entering Retail Gas Market

Ljubljana, 13 September (STA) - Electricity distributor GEN-I is officially moving into the retail gas market. GEN-I CEO Robert Golob announced on Thursday the company plans to achieve a 10% market share within three years, which means signing up between 10,000 and 13,000 retail customers.

"Today we are officially entering the distribution segment, both for companies and households," Golob said.

The company, which is already present on the industrial market, plans to put it gas on the retail market by June 2013, offering prices that are "between 15-19% cheaper than the competition".

GEN-I estimates last year's gas consumption at 120 million m3 for households and 180 million m3 for companies.

"The household segment is completely dead with regards to market competition," Golob stressed, adding that GEN-I entry to the market will help lower gas prices to "reflect actual market prices".

GEN-I group revenues grew 71%y year-on-year to EUR 718m in the first half of 2012, while net profit increased by 37% to EUR 9.8m. The group generates about 80% of its revenues outside Slovenia.

Golob said the record results enable the company to expand into the natural gas market. The company also plans to expand to Turkey to secure connections with Asia.

GEN-I buys its gas from three "major energy companies from Europe", Golob said, refusing to specify due to the "wishes of the partners".

The Slovenian gas market is currently dominated by Geoplin, which sources gas from Russia's Gazprom.

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