In the first half of 2023, DTEK Renewables reduced its gross revenue by 5.2% compared to the same period in 2022 to UAH 1.787 billion, which happened in the absence of generation at the temporarily occupied wind farms and the crisis of non-payment for renewable energy.
As noted in the company’s report published on the Irish Stock Exchange on Friday, the level of payments to renewable energy companies in Ukraine for the period February-August is in the range of 42-52%, which is significantly lower than expected.
The company clarified that the nominal debt of SE Guaranteed Buyer to it for the sold electricity as of June 30, 2023 amounted to UAH 2.57 billion against UAH 1.53 billion at the beginning of the year.
At the same time, DTEK Renewables received UAH 179 million of net profit in the first half of 2023 against UAH 18 billion of loss in the same period of 2022 due to the absence of impairment charges on non-current assets in the amount of UAH 17.36 billion last year.
“The loss in the first half of 2022 was caused by the accrual of expenses in connection with the occupation of some of DTEK Renewables’ power plants, revision of plans for the construction of Tiligulska wind farm and economic depreciation due to the deteriorating economic situation,” the company said.
At the same time, exchange rate differences in financial and investment activities in January-June this year turned out to be negative for DTEK Renewables – UAH 285 million, while in January-June 2022 they were recorded plus UAH 300 million.
The amount of debt for the reporting period decreased from UAH 21.57 billion to UAH 20.31 billion, and the amount of free cash increased from UAH 3.44 billion to UAH 4.69 billion.
It is noted that during the reporting period, solar power plants increased electricity output due to more favorable weather conditions, a decrease in dispatch restrictions in the face of electricity shortages, and a decrease in the level of imbalances. It is specified that sales of SPPs were four times higher than sales of wind farms.
It is also indicated that in early spring, DTEK Renewables commissioned 19 wind turbines at Tiligulska WEP with a total capacity of 114 MW.
