Business News

Energy Group GEN-I Sees Revenue Drop, Profit Rise

Krško, 17 March (STA) - The GEN-I energy group generated EUR 1.28bn in revenues in 2013, down about 20% on last year, but nevertheless saw its net profit increase by 20% to around EUR 9.7m, CEO Robert Golob told the press on Monday in Krško.

GEN-I, an electricity wholesaler and retailer and emerging gas supplier, continues to increase its foothold on the energy market in the region of SE Europe.

Golob said the group's expansion drive was continuing and its headcount was up by around a quarter to nearly 200 in 2013.

It continues to be the leading electricity retailer in Slovenia, controlling around 30% of themarket.

It has also made strong inroads in Croatia and Serbia, where it has climbed to be the No. 2 electricity retailer.

Its aim is to become the biggest alternative retailer to state monopolies in eastern Europe.

The situation on the electricity market is stable, Golob said, although he warned that high duties in Slovenia are reducing incentive for investment.

The energy sector had mostly averted the effects of the crisis, although it is currently facing low prices, a drop in demand and strong competition, Golob said.

The group's sights are set on the gas market in Slovenia, where it has already become the second-largest supplier.

It sees its biggest opportunity with the expiration of long-term contracts in industry, most of which run out in 2017.

Meanwhile, Golob said that the ongoing crisis in Ukraine has not yet affected gas prices in Slovenia. If the situation stabilises by the autumn, there will likely be no effect on prices, he added.

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