Alteo Commissions More Electric Boilers

After the electric heating boiler installed at its Sopron power plant, Alteo, an energy service and trading company, has integrated two more devices into its control centre, which allow the conversion of electricity produced from renewable energy sources into heat; the hot water produced by the boilers installed at the heating power plants in Kazincbarcika and Tiszaújváros will be connected to the local district heating system, the company told MTI on Thursday.

The newly commissioned two electric hot water boilers, each with a capacity of 6 megawatts (MW), will increase the flexibility of the Alteo control center even further, enhancing the effect of the 5 MW boiler previously commissioned in Sopron, the statement said.

The investment in Sopron also benefited from non-repayable grants, while the two current projects, totaling HUF 1.9 billion, were financed entirely from the company's own resources.

With these investments, Alteo is bringing additional controllable capacity to the electricity system, further expanding its flexible portfolio capable of contributing to system balancing, they said.

Alteo Plc's shares are traded in the premium category of the Budapest Stock Exchange, and the share price has fluctuated between HUF 3,440 and HUF 2,550 over the past year, closing at HUF 2,870 on Wednesday.

According to its latest stock exchange flash report, the company posted a consolidated net profit of HUF 11.3 billion in the first nine months of the year, up 1 percent on the same period last year, while its consolidated revenue rose 22% year-on-year to HUF 76.85 billion.