Power Giant HSE to Generate Over EUR 33M in Net Profit in 2006
Slovenia's biggest power producer, HSE group expects to generate SIT 186bn (EUR 0.78bn) in revenues this year, and about one billion euros in 2007. The core HSE company is to post SIT 8bn (EUR 33.38m) in net profit and thus become one of the most profitable Slovenian companies, HSE chief exec Joze Zagozen told the press on Monday.
According to the official, HSE has spent SIT 26bn (EUR 0.11bn) on investment this year, while it plans to raise the sum to SIT 100bn (EUR 0.42bm) in 2007.
The company's long-term plan foresees HSE-generated power to increase from 7 terawatt hours to 39 TWH in 2018, when the company is expected to make two billion euros in revenues.
"This will not be possible without an efficient trade network abroad," Zagozen said. He reminded the reporters that the company had set up companies in Italy, Serbia, Hungary, Croatia, the Czech Republic and a branch office in Romania.
Zagozen said the company would continue the construction of a chain of hydro plants on the lower Sava river, upgrade the Avce pumped storage hydro plant and start the overhaul of the thermal power plant in Sostanj.
Moreover, he said preparations would be launched for the construction of power plants on the middle Sava and other construction projects. Nevertheless, Zagozen does not think this will be enough to reduce Slovenia's energy dependence.
The HSE has therefore studied around 100 possible locations in southeastern Europe, while it is currently working on 20 investment projects, in particular in the countries of the former Yugoslavia, according to Zagozen.
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