ESM produced 25% less electricity in first eight months
ESM says the cut was driven by an economic strategy that included renting capacity and strategic coal savings, not a technical failure.
State electricity producer ESM delivered about 25% less electricity than planned in the first eight months of the year: instead of 2,700 gigawatt hours the company’s plants supplied roughly 2,100 GWh.
ESM said the shortfall was not caused by a technical failure but by deliberate economic operation. “This strategy was implemented in two phases, whereby in the first quarter, primarily in January and February, instead of using its own capacity the company rented production equivalent to one full unit at REK Bitola from the cogeneration plant TE-TO. This combination proved extremely profitable due to the agreed favourable price, which made it possible to save significant quantities of coal that were then used strategically for trading and optimisation in the second quarter,” the company said.
According to ESM, in the second quarter the exceptionally low and favourable market prices for electricity domestically led to a decision not to bring the second unit at REK Bitola into operation; instead the company covered needs more economically through direct purchases.
Outlook and past estimates
ESM has also repeatedly presented optimistic production targets for 2026: the company projects domestic capacities will finish the year with 4,300 GWh, a volume that has not been delivered in recent years. Last year the forecast had been even higher—around 5,000 GWh—but actual output ended up among the lowest in recent years.
Financially, ESM says it is still working to strengthen liquidity and its balance sheet. For the eight-month period the company reported a profit of roughly 7 million euros. At the same time, the latest financial report shows debts still exceed 30 million euros, while the firm expects to recover substantial sums from its debtors.
It remains to be seen whether somewhat better results at ESM will influence retail electricity prices for households. Hristijan Mickoski claims attempts were made to keep prices the same or even lower and he has announced a stable winter.
Photo: press material from the event
