Alteo Doing Well Despite the Pandemic

Despite the pandemic,the Hungarian energy service provider firm ALTEO continued to grow, reaching sales of nearly HUF 5.5 billion in the 3rd quarter of 2020.

A quarterly report by the company says that since a significant portion of the profitability of ALTEO’s activities is less vulnerable to changes in the economic cycle, the principal focus of ALTEO’s management was to ensure uninterrupted operation through its COVID-specific precautions, while also ensuring safe working condition for its employees and partners. As a result, in comparison with companies active in other, more pro-cyclical sectors, ALTEO has been less affected by the pandemic and the ensuing economic downturn, which, in the opinion of ALTEO’s management, overall is demonstrated by consolidated data to date.

In line with the 2020-2024 strategy presented in the fall of 2019, the implementation of the planned investment programs, the uncovering of potential investment and capital expenditure opportunities, restructuring serving as basis for other points of the strategy, as well as the implementation of required processes have all commenced. In this context, the expansion of the capacity of the ALTEO Control Center has begun, and in the first phase of a more than HUF 2 billion investment program, gas engines with an additional total capacity of 9 MW were put into operation at the beginning of May at ALTEO’s Tiszaújváros and Győr sites. In the next stage of the development, an additional three gas engines with a total electrical capacity of 9 MW were installed, resulting in a one-third increase in ALTEO’s gas engine energy production capacity by the end of the program and transforming the control center into one of the largest in the country.