Miskolc district heating project increase revenues for PannErgy
Canal in Miskolc, Hungary (source: flickr/ Artúr Herczeg, creative commons)
Alexander Richter
20 May 2015
Revenues from the Miskolc geothermal district heating project have been of great contribution into the significant increase of earnings for PannErgy in 2014.
Hungarian geothermal-energy company PannErgy had consolidated net earnings of HUF 118 mln in the first quarter of this year in spite of a decrease in the selling price of thermal energy and high electricity prices, state news agency MTI reported.
Earnings were up HUF 116m from profits of HUF 2m from the previous year, the company?s consolidated IFRS preliminary report shows. Consolidated revenue amounted to HUF 886m, up 9% from the base in spite of a more than 20% cut in centrally regulated prices in Miskolc, northeastern Hungary, which took effect from October 1, 2014.
Sales of thermal energy from the Miskolc geothermal project were up, generating revenue of HUF 700m, an increase of 11% from last year.
Source: Budapest Business Journal
