Hellenic Fuels, an ELPE subsidiary that controls EKO and BP, two of the country’s three major fuel trading companies, posted a sales figure of 3.54 billion metric tones in 2016, a one percent increase compared to the previous year’s figure of 3.49 metric tones.
The company also reported an increase in consolidated sales, prompted by its expanded network of fuel stations, which rose from 1,739 to 1,709, a 2 percent increase.
The annual release of ELPE’s financial results is viewed as an important indicator of where the local energy sector stands as the corporate group maintains a widespread energy market presence.
ELPE is active in fuel trade, through Hellenic Fuels, electricity production and supply, through Elpedison, as well as the natural gas market, as the corporation holds a 35 percent stake in DEPA, the Public Gas Corporation.
The financial standing of Hellenic Fuels, an ELPE subsidiary that controls EKO and BP, two of the country’s three major fuel trading companies, mirrors the entire fuel market’s condition.
In the electricity production sector, ELPE, which maintains a vertically integrated operation through Elpedison, more-than-doubled output in 2016 at its two plants. It amounted to 2,489 GWh from 1,143 GWh in 2015. Elpedison posted a significant sales increase, up 71 percent, and an equally impressive EBITDA rise, up to 40 million euros from 18 million euros. Also, the company rebounded from a loss of 9 million euros to post a net profit of 4 million euros.
As for its natural gas market activity results, ELPE, whose performance signals the figures to come from DEPA, posted a sales increase of 31 percent in 2016, up to to 3.99 billion NM3 from 3 billion NM3. This increase was driven by higher demand at gas-fueled power stations, especially in the fourth quarter, for which DEPA reported an 18 percent year-on-year sales increase to electricity producers and a 21 percent increase to the EPA regional gas supply companies.