Coalmine and thermal power plant (RiTE) Ugljevik, a subsidiary of state-owned power utility ERS, reported a net loss of 19.9 million euros in 2024, significantly lower than the 45 million euro loss recorded in the previous year.
The company’s operating revenues rose by 17% year-on-year to 77.3 million euros, while operating expenses dropped by 30.9% to 98.3 million euros. Despite these improvements, revenues from electricity and coal sales declined due to lower production. Electricity output reached 94% of the planned volume but at a reduced unit price, while coal sales suffered from decreased coal production.
In January, ERS completed the purchase of RiTE Ugljevik shares for around 10 million euros, finalizing the company’s share issuance. A total of 31 million shares were issued at a nominal value of 0.51 euros per share, with a minimum success threshold set at 60%. During the preemptive rights period, 20 million shares (64.5% of the total issuance) were subscribed and paid for, ensuring the offering’s success.
The capital raised, amounting to 15.8 million euros, was intended to partially settle obligations owed to Slovenian company Elektrogospodarstvo under an arbitration ruling. However, financial difficulties persist, as RiTE Ugljevik must pay 125 million euros to Elektrogospodarstvo and an additional 65 million euros for undelivered electricity from 2022 to 2024.
