PannErgy Sold 38.9% More Heat in the Third Quarter

PannErgy Plc. sold 201,100 gigajoules of heat in the third quarter, 38.9% more than in the same period last year, the company said in a production report published on the Budapest Stock Exchange (BSE) website.

According to the information, the outstanding performance was due to a cooler-than-average September and continued investment in efficiency, operational safety and capacity. The company exceeded its quarterly target by around 22.9%.

PannErgy confirmed the expected achievement of its consolidated EBITDA (earnings before interest, tax, depreciation and amortization) target for the current financial year of HUF 3,250-3,350 million. The achievement of the plan and the public EBITDA plan for 2023 will be updated in the fourth quarter production report.

The company also stated that its primary objective is to utilize its significant spare heat capacity above its current utilization. It was noted that radically increased hydrocarbon prices and supply uncertainty, as well as the cost of carbon emission quotas, have further increased the competitiveness of geothermal energy.

The shares of PannErgy Plc. are traded in the premium category of the Budapest Stock Exchange, with a closing price of HUF 1,055 on Friday. The share price has ranged between HUF 830 and HUF 1,150 over the past year.