August 4, 2017 / 2:52 PM / a year ago

Bosnian power utility EPBiH posts $13.8 mln loss in H1

SARAJEVO, Aug 4 (Reuters) - Bosnia’s biggest power utility EPBiH posted a loss of 22.8 million Bosnian marka ($13.8 million) in the first half of the year, compared with a 3.7 million marka net profit a year earlier, hit by a drop in hydropower output.

Revenues amounted to 568.2 million marka, up 20 percent from a year ago, but spending rose to 598.4 million marka from 462.3 million.

A harsh winter and low water levels for most of the period were the main factors behind the worsening result, a spokeswoman told Reuters, explaining EPBiH was forced to produce more power from costly coal-power generators to make up for the hydro shortfall.

An opening of the market to competitors has also forced EPBiH to lower prices to some consumers, she added.

EPBiH, 90 percent state-owned and the biggest of Bosnia’s three power utilities, runs two coal-fired power plants and three hydropower plants with combined capacities of 1,165 megawatts (MW) and 517 MW, respectively. It also operates coal mines in Bosnia’s autonomous Bosniak-Croat Federation.

$1 = 1.649 Bosnian marka Reporting by Maja Zuvela; Editing by Mark Potter

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