STOCK PRICES INCREASE AND UNFAVOURABLE HYDROLOGICAL SITUATION COMPLICATE BUSINESS OPERATIONS, BUT WE WON'T ALLOW THE BURDEN OF THOSE PROBLEMS TO BE BORNE BY THE CITIZENS

In the context of costs suffered by EPCG during this year, we consider it is very important to bear in mind extreme changes reflecting in electricity prices increase on the reference stock exchange. The fact that the situation has been considerably worse compared with the previous year is best illustrated by the following figures:

1. Electricity import for the first 11 months of 2020: 769,663 MWh was imported at the price of 29,323,266.37 EUR, meaning that the average price was 38.10 EUR/MWh;

1. Electricity import by November 25, 2021: 652,015 MWh was imported at the price of  60,016,561.76 EUR, which means that the average price was 92.05 EUR/MWh;

3. Due to considerably unfavourable hydrological situation, there is currently 111 GWh less in our reservoirs compared with the Balance. The value of that energy is 25 million euros.

Of course, we could not influence electricity prices increase on the reference stock exchange, but despite difficulties having to do with drastic increase in prices and extremely unfavourable hydrological situation in the country, we decided, unlike some electric power companies in the region, not to take the measures such as restrictions or increase in prices for households and commercial entities, having in mind a sensitive socio-economic position for the citizens and the national economy.

We would like to remind the public that in some neighbouring countries, exactly out of the mentioned reasons, considerable changes have taken place regarding the manner of business operations of the energy companies, either by state subventions, increase in prices for commercial entities or restrictions.  

We believe EPCG is stable enough to undergo this situation without having to transfer the burden of these problems to the citizens. After all, social responsibility of our company is primarily reflected in the fact that we paid 30 million euros to the state budget.

We realize savings wherever possible and, being aware of the social responsibility, invest in the new staff and develop the projects for future.

Good energy!