2024 Financial Review
Strong refinery operating performance, resulting in record-high production levels, complemented by improved performance in Petrochemicals, Fuels Marketing and RES. These factors partially mitigated the decline in benchmark refining margins. HELLENiQ ENERGY Group’s Adjusted EBITDA in 2024 amounted to €1,026 million (2023: €1,237 million). Adjusted Net Income reached €401 million (2023: €606 million), with Reported Net Income amounting to €60 million (2023: 478 million).
Refineries’ production in 2024 increased by 5.2% y-o-y to a record 15.4 million tones, with sales up by 5%, at 16.3 million tones. Exports have consistently made up most of our sales, accounting for 54%, with increased offtakes from our own subsidiaries as well as third party sales.
The Petrochemicals’ performance improved, primarily due to a recovery in polypropylene (PP) margin, despite remaining close to historic lows in 4Q24.
Domestic Marketing recorded improved profitability in 2024, despite the regulatory constraints that remain in place. This performance was driven by a 4% increase in sales volume on improved market shares, along with improved contribution from premium products. The rationalization of the network continued, evidenced by an increase in our own-operated fuel stations. International Marketing’s profitability reached a historical high, driven by network expansion and higher margins, with an improved contribution from the sales of non-fuel products and services.
Through the completion of a series of agreements in Greece and Cyprus, the Group had achieved an installed RES capacity of 494 MW by the end of 2024, along with projects under construction, ready to build or in advanced stages of development with a total capacity of 0.5 GW. With a total projects portfolio under development of >5 GW, the objective is to develop a profitable portfolio of RES projects, characterized by geographical diversification and a balanced mix of various RES technologies (PV, wind, pump hydro projects, battery storage), with the aim of reaching operating capacity of more than 1 GW by 2026 and 2 GW by 2030.
In the Exploration and Production (E&P) business, following the completion of geophysical surveys in five offshore areas, the processing and interpretation of the data are progressing.
| € million | 2024 | 2023 |
|---|---|---|
| Turnover | 12,768 | 12,803 |
| Adjusted EBITDA | 1,026 | 1,237 |
| Inventory Effect* | 128 | 148 |
| Special Items* | 88 | 36 |
| Reported EBITDA | 811 | 1,053 |
| Adjusted Net Income | 401 | 606 |
| Reported Net Income | 60 | 478 |
| Capital Employed | 4,554 | 4,573 |
| Net Debt | 1,792 | 1,627 |
| Gearing Ratio – Net Debt / Capital Employed | 39% | 36% |
*gains are recorded with a negative sign and losses with a positive sign
Liquidity & Cash Flows
Thanks to a strong financial performance in 2024, operating cash flows amounted to €700 million, while capital expenditure reached €434 million, thereof 50% were directed to growth projects, while 35% of total is related to the expansion of RES capacity.
Net debt stood at €1.79 billion vs €1.63 billion in 2023, while excluding non-recourse project finance, net debt remained relatively flat at €1.4 billion. In 2024, the bank loans’ refinancing cycle was successfully concluded and the Eurobond maturing in October 2024 was fully repaid, while the Company proceeded to a new €450 million issue, maturing in July 2029. As a result, the Group’s balance sheet and the debt maturity profile have improved substantially.
Strong operational performance across all businesses, with FY24 Adjusted EBITDA exceeding €1 billion.
Business Activities
Petroleum Products
Refining, Supply and Trading
In Greece, through its subsidiary HELLENiQ PETROLEUM S.A., the Group owns and operates three refineries in Aspropyrgos, Elefsina and Thessaloniki, which account for approximately 63% of the country’s total refining capacity and operate storage facilities for crude oil and petroleum products of a total capacity of 6.9 million m³.
The three refineries’ technical characteristics are described below:
| Refinery | Daily Refining Capacity (Kbpd) | Annual Refining Capacity (million MT) | Refining Configuration | Storage Capacity (million m³) | Nelson Complexity Index |
|---|---|---|---|---|---|
| Aspropyrgos | 146 | 7.6 | Cracking (FCC) | 2.3 | 9.7 |
| Elefsina | 106 | 5.3 | Hydrocracking | 3.2 | 12.0 |
| Thessaloniki | 90 | 4.5 | Hydroskimming | 1.4 | 5.8 |
The Group’s three coastal refineries operate as an integrated system. The procurement of crude oil, the scheduling of production and the forecasting of sales are carried out centrally for the Group’s refining system, with the aim of maximizing profitability, taking into account the current regional prices of crude oil and products, as well as the trends in domestic and international demand. The enhanced refining complexity, which allows for flexibility in the crude slate process and advanced conversion of intermediate products (SRAR, VGO), represents a significant competitive advantage for the Group, leading to improved profitability in comparison to industry benchmarks throughout the economic cycle.
The Group’s system benchmark margin in 2024 averaged $5.6/bbl (2023: $8.7/bbl).
In this environment, refining production in 2024 increased to a historic high of 15.4 million MT compared with 14.6 million MT in 2023.
Middle distillates’ (jet fuel, gasoil and diesel) production yield amounted to approximately 55% in 2024, while gasoline’s production yield came in at 23%. In terms of overall production, the yield of high value-added products reached 89%, which is among the highest in the European refining industry, due to the optimized and efficient operation of the refineries. Additionally, the production of fuel oil remained broadly unchanged at 7%, reflecting the operational optimization of the Aspropyrgos refinery. Furthermore, the percentage of intra-refinery transfers of intermediate products and raw materials among the three refineries exceeded 14%, contributing to operational optimization in production, logistics and trading.
Energy efficiency constitutes a fundamental pillar of our strategic approach in the refining business, as we strive to continuously improve the respective metrics. In 2024, the planned maintenance programs at Elefsina, Aspropyrgos and Thessaloniki refineries were completed safely and successfully.
| Financial Results (€ million) | 2024 | 2023 |
|---|---|---|
| Sales | 11,348 | 11,442 |
| Adjusted EBITDA | 795 | 1,043 |
| Performance Indicators | ||
| HELPE refineries’ reference system margin – yearly average | $5.6/bbl | $8.7/bbl |
| Sales Volume (k MT) | 16,281 | 15,438 |
Crude Oil Supply
Crude oil supply is carried out by the Supply & Trading division through a combination of term and spot contracts.
Due to Russia’s invasion of Ukraine and the EU sanctions against Russia that followed, the Group halted imports of Russian crude oil by the end of February 2022 and increased purchases of other crude grades from the broader region as well as from Latin America and the Middle East.
In 2024, the primary sources of crude supply were Kazakhstan, Iraq, Libya, Saudi Arabia, Norway and Egypt, while additional crude oil supplies were sourced from Azerbaijan, Cote d’ Ivoire, Nigeria, Guyana, as well as other countries.
The geographical location of the Group’s refineries, coupled with their flexibility to process a wide range of crude oil grades, represents a significant competitive advantage. This advantage has proven particularly crucial, not only in terms of contributing to profitability but also in terms of the Group’s ability to swiftly respond to sudden supply disruptions in specific grades of crude oil, thus ensuring the uninterrupted supply of the markets in which the Group operates.
Crude oil and other feedstocks supply mix (%)
Wholesale Trading
(Refined Products Sales)
HELLENiQ PETROLEUM S.A. engages in the ex-refinery distribution of petroleum products to marketing companies in Greece, including its subsidiary EKO ABEE, as well as to other specific clientele, such as the country’s armed forces. Approximately 50% to 60% of the production is exported. All refined products comply with the European standards (Euro VI).
In 2024 the sales volume in the domestic market increased by 2% y-o-y to 4.5 million MT, primarily due to the increase in the consumption of auto diesel. The sales of aviation fuels totaled 1,071 thousand MT, recording a 14% increase, while the sales volume of marine fuels rose by 4%, reaching 1.9 million MT.
Exports increased by 7% to 8.8 million MT, accounting for 54% of total sales in 2024 and, maintaining the Group’s position as one of the most export-oriented entities within the region.
As a result, in 2024, the total sales of the Group’s refineries increased by 5%, reaching a total of 16.3 million MT.
The proportion of intra-refinery transfers of intermediate products and raw materials among the three refineries exceeded 14%, thereby contributing to the optimization of operations in production, logistics and trading.
The international refining environment in 2024 continued to exhibit volatility. Demand for crude oil and oil products was driven by economic growth. The supply of crude oil and oil products, as well as the related flows were driven by ongoing geopolitical tensions in Ukraine and the Middle East, the decisions made by crude oil producing nations regarding oil supply and the expansion of global refining capacity due to the operation of new refineries.
The Group seeks to strengthen the Refining, Supply & Trading business’ competitiveness through operational excellence and improvement of the environmental footprint of its processes.
Strategic priorities include:
- Prioritizing safety through comprehensive training programs, the implementation of stringent standards and the enhancement of operational procedures.
- Facilitating digital transformation by optimizing the supply chain through mass balance and load point management, predictive maintenance, and process safety management systems.
- Establishing a new trading company to manage the supply of the refining system’s crude and feedstocks, as well as the trading of oil products.
- Advancing decarbonization by implementing energy efficiency and energy autonomy projects across all refineries, developing a carbon capture and storage (CCS) project and increasing the proportion of green electricity in production.
- Exploring opportunities within the hydrogen economy, recycling and synthetic fuels.
Production and Trading of Petrochemicals
| Financial Results (€ million) | 2024 | 2023 |
|---|---|---|
| Sales | 300 | 302 |
| Adjusted EBITDA | 54 | 43 |
| Performance Indicators | ||
| Sales Volume (k MT) – Total | 262 | 276 |
| International Polypropylene Margin (€/MT) | 333 | 293 |
Petrochemical activities mainly focus on the propylene-polypropylene-BOPP value chain. The Aspropyrgos refinery, through its splitter unit, produces propylene, which covers about 75-80% of the raw material needs of the Thessaloniki polypropylene plant. The Group’s petrochemical complex, located at the Thessaloniki refinery, also produces solvents and inorganics, with its output being directed to the domestic and other Mediterranean markets.
Based on its financial contribution, the propylene- polypropylene-BOPP value chain represents the main activity for petrochemicals. Export activity is particularly important, as in 2024, 61% of sales volume was directed towards the markets of Italy, the Balkans, the Iberian Peninsula and Turkey, where they are used as raw materials in a range of manufacturing applications.
The global business environment for petrochemicals continued to exhibit weakness in 2024, with the supply-demand imbalance adversely affecting benchmark margins, which, albeit higher than those of 2023, remained near historical lows. Polypropylene production reached 218K MT, while propylene production from the Aspropyrgos refinery amounted to 170K MT. The substantial integration among various units contributed to the profitability of the petrochemicals business, despite the unfavorable international margins.
At the same time, the initial phase of the polypropylene plant upgrade, which aims to increase the annual production capacity to 300K MT from 240K MT, was successfully concluded. In this highly competitive and volatile environment, Petrochemicals’ Adjusted EBITDA amounted to €54 million.
Marketing
HELLENiQ ENERGY Group is active in the marketing and distribution of petroleum products, both in Greece, through its subsidiary EKO (commercial brands EKO and bp), as well as internationally, through its subsidiaries in Cyprus, Bulgaria, Serbia, Montenegro and the Republic of North Macedonia.
The Group benefits from the significant synergies among its networks in Greece and SE Europe in the areas of marketing and commercial policy, through sharing best practices and common launch of successful products.
| Financial Results (€ million) | 2024 | 2023 |
|---|---|---|
| Sales | 5,130 | 5,206 |
| Adjusted EBITDA | 124 | 111 |
| Performance Indicators | ||
| Sales Volume (k MT) – Total | 6,028 | 5,889 |
| Sales Volume (k MT) – Greece | 4,036 | 3,865 |
| Fuel stations – Greece | 1,583 | 1,631 |
| Fuel stations – International (includes OKTA brand FSs) | 329 | 323 |
Domestic Marketing
In Greece, the Group’s business comprises a network of 1,583 fuel stations operating under the EKO and bp brands, 16 bulk storage and supply terminals, 23 aircraft refueling stations located at the country’s main airports, 2 liquefied petroleum gas bottling plants and 1 lubricant production and packaging unit.
The domestic market for automotive fuels experienced growth in 2024 because of robust economic activity and a strong tourism industry.
Within the Greek market, gasoline consumption increased by 2.4% y-o-y while auto diesel consumption rose by 3.9%. Heating gasoil consumption increased by 2.4%.
Aviation fuels consumption increased by 12% y-o-y, primarily driven by higher tourism activity. Additionally, the consumption of marine fuels also expanded as a result of the increased coastal and cruise activity.
Key points for the Domestic Marketing activities in 2024:
- High participation of differentiated fuels (98 & 100 octane gasoline, premium auto diesel) in the fuel stations’ total motor fuels sales.
- Increase in gasoline, auto diesel and heating gasoil market shares.
- The leading position in aviation and marine fuels was sustained.
- Emphasis on the development of company- operated fuel stations.
- Continuous development and enrichment of EKO Smile and BPme loyalty programs with customer-centric and competitive offers/ services.
- Continuous strengthening and upgrading of the EKO and bp brands through new sponsorships.
- Development of e-mobility services for B2B customers.
The Group has an agreement with bp plc for the exclusive use of bp’s commercial brands for ground fuels in Greece until the end of 2025.
The business plan for Domestic Marketing over the next five years encompasses a comprehensive set of actions designed to enhance competitiveness in the Greek mobility market through differentiated fuels, high quality services and a customer centric approach, adapted to the evolving demands of customers and the challenges posed by the economic environment. At the same time, emphasis will be placed on energy efficiency and digital transformation across all operations.
Focus shall be placed on the following areas:
- Further strengthening of EKO’s market shares in differentiated fuels.
- Sustain leading position in aviation and marine fuels.
- Continuously enhancing the customer experience and service through the introduction of new competitive non-fuel services.
- Developing new services at fuel stations that promote digital experience according to customers’ needs and expectations.
- Enriching loyalty reward programs (ΕΚΟ-bp) to facilitate interaction with consumers, with a particular emphasis on personalized service, communication and the implementation of a multi-brand loyalty strategy.
- Development of e-mobility through the holistic coverage of the needs of modern motorists and the development of a network of electric chargers.
- Optimization of the supply chain operation .
International Marketing
The Group’s international business operates through its subsidiaries in Cyprus, Bulgaria, Serbia, Montenegro and the Republic of North Macedonia, with a total network of over 300 fuel stations.
In Cyprus and Montenegro, the local subsidiaries maintain leading positions in both retail and wholesale markets. OKTA is the leading importer of fuels in the Republic of North Macedonia and holds a substantial market share in the wholesale market of Kosovo. In contrast, the subsidiaries in Bulgaria and Serbia possess relatively smaller market shares and primarily concentrate on the retail sector.
Profitability in 2024 improved compared to 2023, primarily driven by the fuel stations network expansion, improved profit margins, as well as increased contribution from sales of non-fuel products and services.
- In Cyprus, improved sales volume and increased unit margins led to enhanced profitability. EKO Energy Cyprus Ltd commenced trading in late 2023 and currently operates through agreements with 8 PV parks, which are under the Group’s ownership, with a total capacity of 41 MW.
- In Montenegro, profitability exceeded that of 2023, predominantly due to non-fuel revenue and increased demand for fuel products. This increase occurred despite higher operational expenses, largely associated with higher volumes.
- In the Republic of North Macedonia, profitability decreased compared to 2023 due to the extraordinary demand for fuel oil in 2023 dissipating in 2024 and an increase in operational expenses. During the year, OKTA developed a 12 MW photovoltaic park on its own land.
- In Bulgaria, profitability improved compared to 2023, mainly due to the increase in retail unit margins and volumes, associated with local market conditions. This was supported by increased non-fuel revenue, despite higher operational expenses.
- In Serbia, profitability experienced a marginal increase relative to 2023, mainly due to higher retail unit margins and volumes, supported by non-fuel revenue. This increase occurred despite higher operational expenses, which followed trends in the labor market.
The strategic objective of expanding in Southeast European markets remains a top priority. This includes the preservation of our leading positions in Cyprus, Montenegro and the Republic of North Macedonia, as well as the penetration of the Bulgarian and Serbian markets through targeted network expansion and supply chain optimization. Furthermore, the strategic focus encompasses the integration of green energy solutions, specifically photovoltaics, which will facilitate the generation of energy for trading purposes or the optimization of energy expenditures.
* From 2022 onwards, OKTA, a subsidiary in Republic of North Macedonia, is included in the contribution of the International Marketing EBITDA.
Electromobility Services
ElpeFuture, a 100% subsidiary of HELLENiQ ENERGY, operates as a Provider of Electromobility Services, as a Charging Infrastructure Operator and as a Transaction Processing Agent.
ElpeFuture has continued its impressive growth in the fast-charging business, with a total of ninety two (92) operational fast chargers ranging from 50 to 150 kW power at fuel stations nationwide. Alongside the ElpeFuture ChargenGo mobile application, which offers comprehensive services for both spontaneous and registered users, including 24/7 support for charging point operators and end users, the company has introduced OEM branded RFID cards in collaboration with automotive dealers in Greece.
The company’s primary objective is to solidify its position in the electric vehicle charging market and expand its fast and ultra-fast charging network at fuel stations, as well as AC charging units at points of interest. Concurrently, ElpeFuture has already implemented AC charging facilities for corporate fleets in its B2B clientele and aims to expand its network through further partnerships.
- Ninety two (92) 50-150 kW fast chargers operate at EKO and bp fuel stations, at motorway fuel stations and urban-type fuel stations. Three hundred fifty-five (355) charging points of 22 kW are located in large shopping malls and in public parking lots, as well as, in private parking areas of the Group’s infrastructure and in B2B partners.
- The licensing process for the installation of fast chargers at EKO and bp fuel stations for up to 360 kW and for points of interest throughout the country is ongoing.
International Electromobility Operations
As of 2024, the Group’s international subsidiaries—EKO Cyprus, EKO Bulgaria, EKO Serbia, and Jugopetrol in Montenegro—have collectively installed a total of 33 electric vehicle (EV) charging stations at their respective fuel stations. Of these, 18 are currently operational. Significantly, 24 of these chargers were installed within the year 2024, underscoring the swift expansion of the Group’s EV charging infrastructure. These installations enhance the Group’s presence in the electromobility sector and provide essential infrastructure to support the increasing adoption of electric vehicles throughout the region. Looking forward, the Group intends to further expand its EV charging network by 2025, with the objective of installing an additional 18 charging stations in these markets.
Renewable Energy Sources (RES)
HELLENiQ RENEWABLES SINGLE MEMBER S.A. (HELLENiQ RENEWABLES) was established in 2006 and is a wholly-owned subsidiary of the Company. HELLENiQ RENEWABLES intends to develop a substantial portfolio of Renewable Energy Sources (RES) assets over the forthcoming years, with the objective of achieving an operational capacity of >1 GW by 2026 and >2 GW by 2030. The development plan aims to contribute to the diversification of the Group’s energy portfolio in terms of geographical distribution and market access, while simultaneously reducing its environmental impact through the offsetting of greenhouse gas (GHG) emissions.
| Financial Results (in million €) | 2024 | 2023 |
|---|---|---|
| Sales | 60 | 53 |
| Adjusted EBITDA | 46 | 42 |
| Operational Metrics | ||
| Volume Generated (GWh) | 695 | 658 |
| Installed Capacity (MW) | 494 | 356 |
HELLENiQ RENEWABLES’ total installed capacity as of the end of 2024 amounted to 494 MW, including 354 MW of photovoltaic plants (PVs) and 99 MW of wind farms in Greece, as well as 41 MW of PVs in Cyprus. Furthermore, more than 5 GW projects, mainly PVs, wind farms and energy storage projects, are currently in various stages of development.
The electricity production of the projects under operation amounted to 695 GWh during 2024 resulting in a CO2 emission avoidance of over 346,609 tons.
In addition to the PV plants operated by HELLENiQ RENEWABLES, the Group is operating a 12-MW PV plant at the facilities of OKTA AD Skopje, in the Republic of North Macedonia. This project is expected to generate a total of 17 GWh of electricity annually, of which approximately 1.2 GWh per year (around 7%) will be used for self-consumption. The remaining electricity production will be supplied to the grid.
In July 2023, HELLENiQ RENEWABLES entered into a binding agreement for the construction and acquisition (upon achieving commercial operation) of a portfolio of 4 photovoltaic (PV) plants in Romania, with an aggregate capacity of 211 MW. The commercial operation of the plants is anticipated within 2025, concurrently with the acquisition of the entire portfolio.
In September 2022, HELLENiQ RENEWABLES entered into a binding agreement for the construction and acquisition of a 200 MW PV plant in Alexandroupoli, Greece. During 2024, while awaiting the issuance of the Grid Connection Terms by ADMIE, HELLENiQ RENEWABLES initiated the procurement process for the PV modules and the Engineering, Procurement and Construction (EPC) contractor, with the objective of commencing the construction phase in 2Q25.
In March 2024, HELLENiQ RENEWABLES acquired a PV portfolio in Cyprus with an aggregate capacity of 26 MW. The plants were connected to the network and commenced commercial operations subsequent to the acquisition.
In May 2024, HELLENiQ RENEWABLES successfully completed the construction and activation of the inaugural net metering PV plant within the industrial area of HELLENiQ PETROLEUM S.A. in Megara. The PV plant possesses a capacity of 2.9 MW and its annual electricity production is estimated to exceed 4,500 MWh.
In November 2024, HELLENiQ RENEWABLES acquired the first Regulatory Authority for Energy, Waste and Water (RAEWW) Certificate for a Direct Line for the connection of a PV storage plant with the Thessaloniki refinery. The plant is anticipated to provide sufficient energy to meet the refinery’s green energy requirements and is currently in the environmental licensing stage.
In December 2024, HELLENiQ RENEWABLES acquired a PV portfolio in Kozani from Lightsource bp, with an aggregate capacity of 110 MW. The plants were connected to the network and have commenced commercial operations in 1Q25.
Additionally, HELLENiQ RENEWABLES participated in the inaugural tender held in Greece for the granting of investment and operating aid to energy storage system (ESS) projects. All three ESS projects submitted by HELLENiQ RENEWABLES, with a total capacity of 100 MW and a guaranteed storage capacity of 200 MWh, were included in RAEWW’s list of eligible projects. During 2024, the procurement process for the EPC contractor was finalized and the commercial operation of the plants is expected by the end of 2025.
Furthermore, HELLENiQ RENEWABLES is exploring potential collaborations in the Bulgarian market.
It is noted that HELLENiQ RENEWABLES follows the Group’s Safety and Environment (S&E) procedures with regards to compliance, reporting, risk and accidents prevention and management, both during the construction phase and the operation. An S&E engineer is appointed for each new project with the responsibility to monitor relevant issues, supervise works and the S&E licensing stage, validity term and potential renewals.
Power Generation & Trading and Natural Gas
The Group is active in electricity generation, trading, and supply, as well as in natural gas trading and supply, through its 50% participation in the joint venture ELPEDISON BV (50% HELLENiQ ENERGY, 50% EDISON International). In December 2024, HELLENiQ ENERGY Holdings reached an agreement with Edison International Shareholdings S.p.A on the key commercial terms for acquiring the 50% stake in Elpedison B.V., a Dutch-based company that owns 100% of its Greek subsidiary, ELPEDISON. The share purchase agreement and transaction approval will follow, making Elpedison B.V. and its wholly owned subsidiary, ELPEDISON, 100% controlled entities of HELLENiQ ENERGY Holdings.
The Group also held a minority participation (35%) in the share capital of DEPA Commercial S.A., an entity active in the natural gas sector, which it transferred to HRADF11 on 30.12.2024.
11 31.12.2024 HRADF was absorbed by HELLENIC HOLDINGS AND PROPERTY COMPANY SA. (E.E.S.Y.P.)
Electricity Sector
ELPEDISON is currently one of the largest independent power producers (IPPs) in Greece, with a total installed capacity of 851.6 MW from natural gas-fired combined cycle power plants: a 430 MW plant in Thessaloniki (operational since 2005) and a 421.6 MW plant in Thisvi, Viotia (operational since 2010). Domestic electricity demand in the system in 2024 reached 51.8 TWh, marking a 4.7% increase compared to 2023, mainly due to higher summer temperatures.
Power Generation
In 2024, the share of natural gas-fired power plants in Greece’s energy mix increased significantly to 39% (from 30% in 2023), primarily due to the reduced production from lignite and hydroelectric plants. ELPEDISON’s power plants generated 2.7 TWh of electricity throughout the year.
Positive factors were:
- The increased demand for flexible units in the balancing market due to the further penetration of RES.
- The growing demand in the broader region of Southeastern Europe, coupled with the substantial rise in export flows from Greece.
Unfavorable factors were:
- The reduced availability of the ELPEDISON plant in Thisvi, attributed to the need for emergency equipment maintenance or repairs over extended periods throughout the year.
- The oversupply of Natural Gas via TurkStream in Bulgaria, along with the limitations of gas import capacity in Greece and export capacity to Italy, has affected ELPEDISON’s export activities.
- The national regulatory framework was temporarily adjusted to address the energy crisis, impacting the Company’s competitiveness. Specifically, the Greek Government imposed a special levy on natural gas used for electricity production in August 2024.
In this volatile market environment, the company maintained its competitiveness by optimizing its natural gas supply mix and capitalizing on the operational flexibility of its power plants.
Electricity Supply
In the retail electricity market, ELPEDISON’s total market share reached 5.9% (2023: 6.2%) amid intense competition. The number of end customers decreased by 8.7% to 303,000, while total electricity sales amounted to 3.1 TWh.
It is worth noting that due to a regulatory intervention in November 2023, electricity suppliers were mandated to transfer all low- voltage customers to a specialized tariff (invoicing). Throughout 2024, suppliers were required to offer fixed monthly tariffs, which were published on the first day of each month, commonly referred to as «green tariffs).
At the same time, ELPEDISON has broadened its portfolio of energy services to include retail offerings, such as Smart Home Energy Efficiency Solutions available through its retail network and charging stations for Electric Vehicles. Furthermore, the company has initiated efforts to deliver Energy Efficiency Services on a larger scale, specifically targeting industrial sites, large hotel complexes and office buildings.
Natural Gas
Other Activities
- Renewables & Energy Storage ELPEDISON explored growth through PPAs, battery storage projects, and hybrid RES- battery combinations. New projects received permits in: Korissos: 10 MW/40 MWh and Kalamaki: 44 MW/176 MWh.
- Research & Innovation The company participated in the HiRECORD project (CO2 capture pilot) and COREu project (CCS value chain development) under the Horizon Europe program.
Financial Results
ELPEDISON’s financial results in 2024 declined y-o-y, with EBITDA amounting to €43 million and its contribution to HELLENiQ ENERGY Group falling to €2 million (2023: €19 million).
Exploration and Production of Hydrocarbons
The exploration and production (E&P) business activities focus on offshore areas in Greece and are outlined below:
- 25% participation in a consortium with Calfrac Well Services Ltd (75%) in the Sea of Thrace Concession, North Aegean Sea, covering a total area of approximately 1,600 km2 .
- The Group, as operator (100%), holds exploration and production rights in the offshore area of ‘Block 10’, in Kyparissiakos Gulf. Presently, the Lease is in the 2nd Exploration Phase, which has a duration of three (3) years, concluding on 9 July 2026. Following the completion of the 2D seismic acquisition program (1,200 km), the Group has proceeded with a 3D seismic acquisition survey (2,420 km2). The processing and interpretation of the 2D seismic data have been completed, while the first processing of the 3D seismic data was completed in March 2024. Subsequently, the interpretation of the 3D seismic data was completed in June 2024, and further geological studies are currently in progress including re-processing of 3D seismic data).
- The Group possesses E&P rights, as Operator (100%), in the offshore area of the “Ionian” block in Western Greece. Following the completion of a 2D seismic acquisition program covering 1,600 km and a 3D seismic acquisition survey spanning 1,150 km2, the processing and interpretation of the 2D seismic data have been completed, while the processing of the 3D seismic data was concluded in March 2024. The interpretation of the 3D seismic data was also completed in June 2024. At present, the Lease runs the 2nd Exploration Phase, which had a duration of three (3) years, concluding on 9 July 2026.
- The Group holds a 25% interest in the offshore area of «Block 2», located west of Corfu Island, through a joint venture with Energean Hellas Ltd. (75%, operator). Following the completion of a 3D seismic acquisition (2,244 km2), the processing and interpretation of the 3D seismic data were finalized in 1Q24. The Lessor, following an application of the Lessee, granted a 24-month extension of the first Exploration phase, extending it until 14 March 2026.
- The Group holds E&P rights, with a 30% interest, in two (2) offshore blocks in Crete, ‘West Crete’ and ‘Southwest Crete’, in collaboration with ExxonMobil Exploration & Production Greece (Crete) B.V. (70%, Operator). During the period November 2022 – February 2023, a 2D seismic acquisition of 12,278 km was performed in the two (2) Cretan lease areas. The processing of the newly acquired seismic data was completed in December 2023 and their interpretation is ongoing for West Crete and completed for SW Crete. In March 2024, the Lessee proceeded with the acquisition of 900 km2 of 3D Multiclient seismic data in the Southwest Crete Block and in April and May 2024, the Lessee completed an extensive environmental sampling program in both Blocks. The 3D reprocessing was completed in January 2025, with interpretation to follow thereafter.
- With regards to the offshore ‘Block 1’ of the Ionian Sea, north of Corfu, the Group has submitted an offer (100%, Operator) and awaits the decision of the Competent Authority.
Engineering
ASPROFOS, a Group subsidiary, is the largest Greek engineering firm and energy consulting services provider in South-Eastern Europe. It operates in accordance with internationally accepted standards and practices, certified by ISO 9001, ΕLΟΤ 1429, ISO 14001 and ISO 45001.
ASPROFOS supports investments in the fields of refining and natural gas through the provision of a broad range of technical, project management and other related advisory services, while seeking to continuously expand the range of its services and broaden its client portfolio to include, mainly, international clients.
In 2024, ASPROFOS employed 203 qualified professionals, and its turnover amounted to €11.4 million.
