Hellenic Petroleum ELPE chief executive Andreas Siamissis has expressed fears of the latest lockdown’s impact on fuel consumption, which he will believes will be considerable, during a presentation of third quarter results to analysts.
Narrowed refining margins, which dropped to historic lows during the third quarter, combined with a drop in demand, resulted in unprecedently difficult conditions, ELPE officials noted.
However, rays of hope have emerged for an imminent improvement in refining margins, they added.
Elpedison, ELPE’s joint energy venture with Italy’s Edison, registered a strong power generation performance, up 31 percent in the nine-month period, aided by competitively priced LNG for its production units, company officials informed.
Electricity sales rose by 5 percent, while operating profit reached 43 million euros, from 15 million euros a year earlier.
As for the natural gas market, the commercial activity of gas utility DEPA, in which ELPE holds a 35 percent stake, increased in the third quarter.
DEPA – whose two new entities, DEPA Commercial and DEPA Infrastructure, are both headed for privatization in a procedure that is expected to be completed by March, 2021 – reported a 3Q volume-based sales increase of 48 percent. Its EBITDA figure moved up to 18 million euros, up from 6 million euros a year earlier.
ELPE’s list of imminent RES projects has more-than-doubled compared to last year, the company officials informed.