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EAC projects €35.6 m profit in 2019

February 22, 2019 at 9:23am
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The Electricity Authority anticipates revenue of €927 m and expenditure of €882 m in 2019, leading to a pre-tax profit of €44 m.

According to its budget tabled in the House of Representatives yesterday, the EAC will generate after tax profits of €35.6 m – higher than the €20m after-tax profit it posted last year.

The EAC will practically double spending on CO2 emission rights – from €19.3m last year to €38.9m.

The biggest expenditure is for fuel purchases to generate electricity at €564m which represents 64% of total expenditure and is €50m higher than last year.

Personnel costs are budgeted at €99.8 m – equivalent to 11.3% of total spending. Another €15.3m will go on financing costs and taxation, of which €9m is the defence levy.

EAC revenue, generated primarily from the sale of electricity, will rise by 9.4% to €854, from €780m. The authority will also generate €15m from the sale of water from a desalination plant operating at the Vasiliko electricity power station.