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The Albanian Electricity Corporation (KESH), which was charged with the obligation of ensuring the country's electricity supply in emergency conditions, has suffered a financial loss of about 26 billion alleks or 256 million euros in 2022.
Compared to a year ago, the situation is completely different since in 2021 KESH recorded a profit of 6 billion according to official government data in the actual budget of the previous year. This panorama seems to be related to all the developments brought about by the crisis where prices reached record levels peaking in August and where a kwh of energy was sold for 130 Lek.
The corporation had to, in addition to the not at all favorable water situation, engage in the provision of energy from the free market where imports exceeded the value of 500 million euros and where the government committed financial support several times during the year.
Unlike KESH, which carried the burden of supplying and placing the entire financial part in this context, the other two companies in the sector have managed to register a positive balance.
OSHEE, which in 2021 had a loss of 15.5 billion alleks or 149 million euros (after making purchases to cover losses, which in 2022 was carried out by KESH), during 2022 has recorded a profit of 1.9 billion alleks or about 19 million euros .
Meanwhile, the other company, the Transmission System Operator, according to data made public by Finance, recorded a profit almost four times higher than that in 2021. According to the table accompanying the actual budget, the contribution of OST was almost 4.5 million euros from a little more than 1 million euros that was in 2021.
The Ministry of Finance has clarified that the figures have been processed according to it on the basis of periodic data sent by companies.
"In implementation of the Supplementary Instruction no. 1/2022 "On the implementation of the 2022 Budget", the Ministry of Finance and Economy, periodically on a quarterly basis, has collected, processed and analyzed the necessary information regarding the financial performance indicators of the three energy sector companies. This, in order to identify, evaluate, monitor and report the fiscal risks resulting from public enterprises with state capital as a whole and from the energy sector in particular, considering its strategic importance and the sensitive issues that characterize it" the budget says in the section " Financial data for the energy sector'.
Currently, KESH continues to purchase all the energy needed for consumption this year, while OSHEE provides only the amount of energy it needs to cover losses. In the last three years, due to difficult conditions, companies in the sector have limited investments by doing only what was necessary to ensure the normal operation of the network.
The energy crisis seems to have partially faded its effects and the prices on the stock exchanges remain lower than last summer but certainly higher than the normality before its start, while the fluctuations are more frequent. Despite this, during this year KESH has managed to have more energy sales, providing income as the cascade has been at good levels to ensure most of the consumption in the country./Monitor
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