The Slovenian Sovereign Holding, which in December 2022 approved a subsequent paying-up of capital to Holding Slovenske Elektrarne in the total amount of EUR 492 million to bridge extraordinary liquidity conditions, adopted a decision obliging HSE to return the first part of theose funds in the amount of EUR 200 million. The exact dynamics of returns will depend on the situation on the energy markets and other relevant business circumstances, with the aim of ensuring the stability of the operations of the HSE Group and the efficient management of funds.
The extraordinary situation on the energy markets and in the production companies of the HSE Group had a strong impact on the operations of the HSE Group in 2022. The funds received from the subsequent paying-up of the Republic of Slovenia in the amount of EUR 492 million at the end of last year enabled the HSE Group to ensure a reliable and competitive supply of electricity in the Republic of Slovenia at all times, even during the energy crisis and the extremely increased requirements for providing financial coverage.
The management of HSE, which as of November 8, 2022 consists of Managing Director Dr. Tomaž Štokelj and Business Director Uroš Podobnik, immediately after the beginning of the term of office began to prepare and implement measures to remedy the situation in the HSE Group. “We focused primarily on resolution of liquidity problems and managing risks related to the production and trading of electricity. The operations of HSE are stable, coal mining is above the target in the first two months of this year and the production of electricity from our power plants is uninterrupted and reliable,” says Dr. Tomaž Štokelj, the Managing Director of HSE.
Projections of the operations of the HSE Group show that the company could start partial returns in accordance with par. 2 of Article 495 of the Companies Act-1 (ZGD-1) from June 2023 onwards, with the goal remaining that Holding Slovenske elektrarne must carry out all necessary activities so that SSH can decide by the end of 2024 on the return of all subsequent paying-up of capital from 2022. The actual dynamics of returns will depend on the realisation of the planned production of the hydro power plants of the HSE Group and the Šoštanj Thermal Power Plant, as well as future trends in electricity prices.