Cyprus Mail 26 November 2019 - article by George Psyllides
The electricity company (EAC) said on Tuesday it has generated €37m net profit for 2018 mainly from a rise in sales while a large part of its expenditure went to fuel and gas emission rights.
In 2017, EAC made a €51m profit.
Presenting the company’s annual report for 2018, chairman Michalis Komodromos said total revenues last year reached €787m against €741m in expenditure.
Operational profit was €46m.
The EAC saw a rise in revenues of €107m mainly because of an increase in the sales of power by €95.4m.
The company sold more KwH but a substantial part of the proceeds was due to the rise in the average price per KwH sold.
The cost of fuel in 2018 rose around 24 per cent compared with the previous year as a result of rising international prices.
There was also a 34 per cent increase in the cost of buying power generated by RES and a substantial increase in the cost of greenhouse gas rights from €12.3m in 2017 to €38.5m last year.
Around 67 per cent of the company’s expenditure represented the cost of fuel, power from RES, and gas emissions.
In 2018, the EAC awarded the tenders for technology designed to cut nitrogen oxide, carbon dioxide and dust emitted by units one, two, and three at Vasilikos power station. The projects are expected to finish in 2020.
Filters were also installed at Dhekelia power station. The construction of infrastructure to enable the use of natural gas at Vasilikos has also started.
