The HEP Group, the national energy company specialized in the generation, distribution and supply of electricity, recorded the consolidated net profit of 1.46 billion kuna (€194 million) in 2020, or up by 61.1 million kuna (€8 million) compared to 2019, according to the group's annual consolidated financial statement.

“The business operations of HEP Group were affected by the epidemiological measures implemented to prevent the spread of the new coronavirus (COVID-19), which lead to stopping a portion of economic activities and subsequently to reducing electricity demand by business customers and changing the structure of demand,” the HEP group says on its web site.

According to the financial statement, the operating income was 14.37 billion kuna, which was lower by 1.14 billion kuna (7.4 percent) compared to 2019, primarily as the result of income decrease from the sale of electricity by 1.04 billion kuna (8.3 percent) due to reduced income generated abroad and domestically.

In 2020, “total electricity demand in Croatia of 15,384 GWh was characterized by 45 GWh less billed electricity for household customers and by 889 GWh less billed electricity for businesses.”

HEP suppliers cover 90.4 percent of Croatia’s market

Compared to 2019, the total sale by HEP Group suppliers in Croatia decreased by 1.0 TWh (6.8 percent) reaching 13,904 GWh (90.4 percent of the market), reads the financial statement.

The HEP hydro power plants generated 5.3 TWh (29 percent of required demand), which is by 511 GWh less than in2019 (8.7 percent). Thermal power plant production accounted for 4,073 GWh of electricity, an increase by 364 GWh.

Krsko nuclear power plant supplied 3,020 GWh, which accounted for 16.2 percent of available HEP Group electricity, ie 254 GWh more compared to 2019 as no regular 18-month period overhaul was conducted. HEP’s Korlat Windfarm generated 52 GWh. Solar and biopower plants generated 26 GWh.

In 2020, the group’s investment totalled 4.3 billion kuna

HEP Group continued to be one of the biggest investors in Croatia in 2020 with its investments of 4.3 billion kuna. Those investments include the 920.6m investment by LNG Hrvatska d.o.o.

(€1 = 7.53 kuna)