PannErgy inaugurates 30MW geothermal power plant

Telco

Hungarian geothermal-energy company PannErgy inaugurated a 30MW thermal-power production unit in the city of Miskolc, in northeastern Hungary, the company announced late yesterday.

An expansion of the PannEnergy's KUALA power plant, the new production unit will supply electricity to downtown Miskolc and the city's University. This is the second leg of the company’s geothermal energy project in the city.

KUALA's new unit was supported with a HUF 1 bln state grant within the framework of the New Széchenyi Plan.

PannErgy saw net losses of HUF 165 mln in H1 this year, down about two-thirds year-on-year. However its revenue totalled HUF 1.27 bln in H1, growing approximately three-and-a-half times higher from H1 of last year.

PannErgy is an Equities Prime-category issuer at the Budapest Stock Exchange.

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