Profit hike for Albanian Power Corporation
Uncategorized Saturday, April 23rd, 2005TIRANA, April 25 (AENews) – Albanian Power Corporation (KESH) announced that revenues for 2004 had reached EUR219 million with net profits at EUR54.3 million.
Compared to 2003 net profits rose by 82 %, due mainly to hiked energy prices, hiked production and lower imports.
Total production of electricity for 2004 was 5.5 billion kilowatt/hours or 12 % more.
Thought KESH has not officially made public its annual financial report, its CEO, Mr. Harasani gave some highlights during an electoral meting. Mr. Harasani is running as a candidate for the Socialist Party, which is Albania’s left wing ruling party.
According to Mr. Harasani, during 2004 KESH sold energy with a medium price of about Lek6.21 per kw/hour. Majority of profits, KESH intends to invest in new power production plants to help improve Albania’s per capita production, which is the lowest in Europe.
Two big investment projects are due to begin in 2006. In Vlora, (south of Albania), plans are to build a new thermo power plant with initial capacity of 125 megawatt. This investment will be implemented by KESH with financial support by EBRD and the World Bank.
Also in the south, island company Landsvikjuin intends to build a new hydropower plant with capacity of 70 mega/watt, which will require an investment of EUR120 million. KESH supplies a total of about 800,000 consumers.
Short URL: http://www.albanianeconomy.com/news/?p=43
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on Apr 23 2005. Filed under Uncategorized.
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