2018-04-04T17:17:00+03:00 Economy 2024-09-15T11:40:26+03:00

Ukrainian news

Cabinet Corrects Financial Plan Of Energoatom For 2018 With Increase In Profit By 15.4% To UAH 378 Million And

Cabinet Corrects Financial Plan Of Energoatom For 2018 With Increase In Profit By 15.4% To UAH 378 Million And Net Revenues By 7.5% To UAH 43.5 Billion

The Cabinet of Ministers corrected the financial plan of the Energoatom national nuclear energy generating company for 2018 with an increase in the expected net profit by 15.36% or UAH 50.335 million to UAH 377.962 million and net revenues by 7.45% or UAH 3.019 billion to UAH 43.542 billion.

The corresponding decision was taken at a meeting of the Cabinet of Ministers on Wednesday, Ukrainian News Agency reports.

According to the explanatory note, the text of which Ukrainian News Agency obtained, the introduction of amendments to the financial plan of Energoatom is related to the approval by the decree of the National Commission on State Regulation of Energy and Utility Services of December 28, 2017 of the tariffs for electric power generation by nuclear power plants for 2018, the increase in electricity generation volumes for 2018 according to the forecast electricity balance of Ukraine's UES for 2018, as well as a change in the investment program of Energoatom.

According to the new financial plan, Energoatom expects the cost of sales in the amount of UAH 37.973 billion, which is by 6.05% or UAH 2.167 billion more than in the old version of the financial plan, and the company's gross profit for 2018 is planned at UAH 5.568 billion.

Also, the new financial plan for 2018 provides EBITDA (profit before taxes, interest and depreciation) at UAH 10.401 billion, which is by 7.33% or UAH 0.71 billion more than in the old financial plan.

Financial plan of the Energoatom was calculated at a tariff of 54.03 kopecks/kWh.

In 2018, the financial plan provides for the sale of electricity to the wholesale electricity market of Ukraine in the amount of 79.02 billion kWh (previously it was 76.02 billion kWh).

As Ukrainian News Agency earlier reported, in 2017, Energoatom suffered loss of UAH 1.322 billion in comparison with net profit in 2016 in the amount of UAH 232 million, while the company's net revenues increased by 6.71% or UAH 2.42 billion to UAH 38.488 billion year-over-year.

In 2017, Energoatom increased electricity production by 5.67% or 4.601 billion kWh to 85.785 billion kWh year-over-year.

The president of Energoatom, Yurii Nedashkovskyi, says that the company lacks USD 55.06 million (UAH 1.436 billion) for the purchase of nuclear fuel in 2018 due to the low tariff for electricity supply for 2018 and that the total tariff deficit in 2017 was UAH 1.668 billion.

Energoatom operates four active NPPs that operate 15 nuclear units, 13 of VVER-1000 types and two of VVER-440 type of aggregate capacity 13,835MW, two hydroelectric units of the Tashlyk pumped-storage hydroelectric power plant of 302MW capacity and two hydroelectric units of the Oleksandrivka hydroelectric power plant of 11.5MW capacity.