Bulgarian subsidiary of Swiss renewable energy producer and trader Axpo Group – Axpo Bulgaria recorded a net profit of 20.6 million euros last year. Profit is more than doubled in 2022, compared to 9.1 million euros profit in 2021, as business expansion and a rise in energy prices increased revenues.
Total revenues amounted to 3.1 billion euros in 2022, compared to 507 million euros in 2021, although the profit margin remained below 3%. The volatility in energy markets was marked by electricity and natural gas prices increasing over twentyfold compared to the average levels in the past decade.
Axpo Bulgaria strengthened its role in supporting the energy transition in Bulgaria with services in the field of energy trading, guarantees of origin and power purchase agreements (PPA). In November, the company received a license for the use of the Greece-Bulgaria natural gas interconnector allowing it to take part in future capacity auctions.
