Bulgaria’s state-owned power market incumbent – the National Electricity Company (NEC, also frequently NEK) posted financial loss before tax of BGN 142.225 million (about EUR 71.112 m), the company’s annual report for 2013, unpublished until recently, reveals.
NEC delayed with months the publishing of its financial results while partial information about huge deficits surfaced through the most recent regulatory decision to gradually compensate some BGN 1.5 m of NEC’s loss through electricity prices and in detriment of other market participants – such as end-suppliers and network operators.
In comparison NEC’s loss for 2012 was much lower – reported at BGN 99.432 m (-43% compared to 2013). In the meantime a slight growth in electricity sales incomes due to a somewhat increased share in electricity exports could not compensate for the overall lower incomes which fell with BGN 110.7 m to BGN 3.014