Business News

GEN-I First Slovenian Supplier Selling Electricity to Households Abroad

Bistra, 27 September (STA) - GEN-I, one of Slovenia's seven electricity suppliers, announced on Monday it will start selling electricity to households in Croatia, Austria and Italy. As of 1 October, the group will be the only Slovenian supplier providing electricity to households abroad.

"This is a so-called test sale - it's serious, but with small consumers," GEN-I chairman Robert Golob told the press in Bistra, a town SW of Ljubljana.

The test run will help the company prevent problems before 1 January 2011, when regular sale to end-consumers is set to kick off.

In the first half of 2010, GEN-I recorded an increase in electricity sales both in Slovenia and abroad, where the group around GEN-I is already present as wholesale supplier.

In Slovenia, GEN-I sold 1.4 TWh of electricity, up 30% year-on-year, while the sales abroad were up 40% for the same period to 4.3 TWh.

"This increase was large, but also necessary if we want to keep seeing the growth recorded in revenues and net profit," Golob said, adding however that the results exceeded the business plan by quite a bit. Golob expects the end-year results to exceed the 2010 business plan as well.

In the first half of the year, the group increased its sales revenues by 21% compared to the same period last year to EUR 282.8m, while its net profit was up 16% to EUR 6.5m. The parent company generated EUR 236.6m in sales revenues in the same period, while net profit reached EUR 8.2m.

According to Golob, GEN-I and GEN Energija, another company in the group, supply electricity to between 25% and 30% of the Slovenian market.

Touching on the recent decision of energy company Petrol to start selling electricity to households, Golob said the move would liven up the market.

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