August 2 (SeeNews) - The net loss of state-owned Bulgarian coal-fired power plant Maritsa Iztok 2 widened sharply in the first half of 2018, as expenses for purchasing emission allowances soared, figures from the company's financial report show.
Maritsa Iztok 2 recorded a net loss of 121.3 million levs ($72 million/62 million euro) in the first six months of 2018, more than three times larger than the loss of 36.2 million levs in the prior-year period, according to figures from the power plant's unaudited interim financial statement
The plant's expenses for greenhouse gas emission allowances jumped to 115.3 million levs in the first six months of the year, from 37.1 million levs in the corresponding period of 2017.
The greenhouse gas emission allowances are part of the EU Emissions Trading System, which works on the “cap and trade” principle. Within the cap, companies receive or buy emission allowances which they can trade among themselves as needed. Each year companies must surrender enough allowances to cover all their emissions, otherwise fines are imposed.
TPP Maritsa Iztok 2's total operating expenses grew to 390.8 million levs in the period under review, from 324.5 million levs the year before.
The plant's total operating revenue fell to 287.7 million levs in January-June from 296.6 million levs in the same period of 2017, after the revenue from electricity sales dropped 9% on the year to 283.2 million levs.
The company sold 3,577,585 MWh of electricity during the period under review, down 9.9% year-on-year. Of the total, 2,948,828 MWh were sold on the free market, 685,148 MWh less than the year before.
Compared to a year earlier, the weighted average price per MWh on the free market rose by 7.61 levs to 75.99 levs in the first half of 2018.
Maritsa Iztok 2 has eight operating units with a total installed capacity of 1,620 MW.
(1 euro = 1.95583 levs)
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