ELPE’s (Hellenic Administration) administration expressed disappointment over the electricity market’s operating conditions and, on the contrary, optimism regarding the opportunities offered by the natural gas market, during its presentation of 9M results.

ELPE officials noted the petroleum group’s performance was subdued in ventures concerning its electricity production and natural gas supply interests.

ELPE, whose listed joint venture Elpedison operates two gas-fueled power stations, reported a 58 percent 9M EBITDA profit drop for the venture, to 7 million euros from 18 million euros for the equivalent period last year.

Net electricity production at Elpedison’s two gas-fueled power stations, in Thisvi, slightly northwest of Athens, and Thessaloniki, fell by 14 percent, to 1.46 million MWh from 1.91 million MWh.

ELPE’s administration reportedly attributed these results to regulatory issues in the local electricity market. Elpedison power stations are not being  remunerated for sufficiency security offered to the grid, officials noted, while admitting the Greek electricity market is currently undergoing a transition, from lignite to natural gas.

These factors also impacted the results at gas utility DEPA, in which ELPE holds a 35 percent stake, the administration noted. DEPA’s 9M EBITDA dropped by 25 percent in a year, to 167 million euros from 223 million euros. Its 9M profit after tax fell to 79 million euros from 135 million euros.