Slovakia’s energy sector is experiencing a challenging time, caused by restrictions on oil and gas purchases from Russia, growing pressure to develop renewable sources, and the impact of high emissions allowance prices. Despite this, energy companies achieved record revenues and profits last year, confirming that they are among the most profitable businesses in the country.
Electricity leads the way
Slovenské Elektrárne (SE) is the largest producer of electricity in Slovakia and, for the second year in a row, after bringing the long-awaited third unit of the Mochovce nuclear power plant into operation in 2023, also the most profitable company in the country. Thanks to its nuclear generation, Slovakia can now cover all domestic electricity consumption and export the surplus.
From a loss of €217 million on revenues of almost €5 billion in 2022, SE swung to a profit of €558 million on revenues of almost €4 billion the following year. Last year, 2024, was even more successful for the company, which is co-owned by the state, Italy’s Enel, and Czech tycoon Daniel Křetínský. Preliminary figures show a net profit of around €800 million. The company’s revenues were boosted by the previous years’ higher electricity prices, which fed into multi-year contracts, the Trend weekly pointed out.