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Enovos energy sales see rapid increase
Economics

Enovos energy sales see rapid increase

10.05.2012 From our online archive
Enovos International has recorded a 62 percent increase of energy sales in the past year, with a net income growth of 5 percent.

(CS) Enovos International has recorded a 62 percent increase of energy sales in the past year, with a net income growth of 5 percent.

The energy company sold gas and electricity worth 2.48 billion euros, up from 1.53 billion euros the previous year. On the whole, the company sold the equivalent of 13.8 terawatt hours.

The spectacular increase is due to a combination of factors, including the integration of Enovos Luxembourg SA into the Luxembourg Energy Office (Leo), increased activity in Germany, especially in regards to industrial clients, and the Belgian and French markets where Enovos started selling electricity in 2011.

The 5 percent income growth equals earnings of 118.4 million euros at the end of 2011, as opposed to 112.9 million in 2010.

Luxembourg energy sales decrease

In Luxembourg, the company recorded lower sales, however, with a 1.69 percent decrease in electricity comsumption and a 13.7 percent decrease in gas sales. Especially the latter figure is attributed to the relatively warm temperatures last year.

Planning ahead, the company is hoping to invest increasingly into sustainable projects. However, Enovos Luxembourg CEO Jean Lucius stressed that conventional energy sources should not be neglected.

ArcelorMittal selling Enovos shares

Meanwhile, speculation is rife that steel giant ArcelorMittal will announce the sale of its Enovos shares, as part of its plan to separate from non-core assets.

The company currently hold 23.48 percent of the Luxembourg energy company. The prospective buyer is a pensions fund of insurance company AXA.

The Luxembourg state is the main share holder with 25.44 percent, with a further 10.01 percent held via the SNCI investment group. Further shareholders include the energy company RWE (18.3 percent), E.ON (10 percent) and Electrabel (4.7 percent).

Earlier this week, ArcelorMittal had already announced that it would be separating from Luxembourg contractor Paul Wurth.