Electricity prices rose – Thüringer Energie AG with higher sales
News / Electricity
The regional energy supplier, which belongs to the E.ON Group, achieved sales growth of 6.2 percent to 830 million euros last year. Deliveries to two municipal utilities in Saxony and Saxony-Anhalt increased electricity sales from around 8.2 to more than 8.6 billion kilowatt hours. The annual profit of the company with nearly 1300 employees sank from 71 to 62 million euros. The board of directors cited reasons for higher purchase costs and provisions of just EUR 15 million for age transition arrangements.
With reference to the downsized economic forecasts, the Executive Board expects moderate sales growth this year. The net income would be “similar to 2003,” said Bloemer.
The TEAG profit last year will also benefit cities and municipalities as shareholders of Thüringer Energie AG. You will receive a dividend of 10.85 euros per share. Municipalities hold around 27 percent of the TEAG shares.