Bulgaria's TPP Maritsa Iztok 2 trims 9-mo net loss, grows revenue

Bulgaria's TPP Maritsa Iztok 2 trims 9-mo net loss, grows revenue

Bulgarian state-owned thermal power plant (TPP) Maritsa Iztok 2 said that its net loss narrowed to 179 million levs ($101.8 million/91.5 million euro) in the first nine months of the year from 268.6 million levs in the same period of 2018.TPP Maritsa Iztok 2's operating revenue grew to 504.9 million levs in the January-September period of 2019 from 439.9 million levs in the comparable period of 2018, the company said in an interim financial statement.However, in terms of volume, the power plant's sales dropped 18.21% year-on-year to 4,440,338 MWh. Sales to the National Electricity Company (NEK) soared to 252.3 million levs from 79.7 million levs in the prior-year period, while sales on the Independent Bulgarian Energy Exchange (IBEX) dropped to 221.2 million levs from 330.1 million levs a year ago.Total operating expenses fell to 656.4 million levs in the review period from 684.6 million levs the year before, as expenses for fuel and electricity decreased 154.4 million levs from 190.6 million levs.However, the company is likely to increase its spending in the last quarter of the year, as in June a fire broke out at the plant's Unit 8, destroying its smokestack. Following the formal investigation into the reasons for the fire, the company launched several tenders in early October for awarding contracts for fixing the damages.TPP Maritsa Iztok 2 has eight operating units with a total installed capacity of 1,620 MW.

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