Prague Gas in Czechia increased its profit by 19 percent last year to CZK 639.8 million

Pražská plynárenská recorded an after-tax profit of 639.8 million koruna last year, an increase of almost 19 percent year on year. The company’s revenue rose even more sharply, from 17.1 billion koruna the year before to 32.5 billion koruna. This is according to the annual report published on the company’s website. According to the report, the company sold 14.08 terawatt-hours of gas last year, similar to the previous year. Electricity sales rose by five percent year on year to 1.91 terawatt-hours.

The company said that last year in the energy sector was significantly affected by the conflict in Ukraine and the associated revolutionary changes in the European energy sector. „Among other things, it exposed the fragility of Europe’s natural gas supply system, stemming from the low diversification of sources,“ the company said. It recalled last year’s extreme energy price fluctuations, which led to major savings and changes in legislation.

The company also made one structural change last year. In the middle of the year, the Prague City Assembly approved the planned merger of Pražská plynárenská a.s. and Pražská plynárenská Holding a.s. The former became the successor company.

The primary focus for the company this year will be the further development of energy commodity prices, particularly in connection with replacing the shortfall in Russian gas supplies. „Ensuring energy security for customers will therefore be a key factor,“ the company noted in the report. In addition, Pražská plynárenská expects further changes in the energy sector driven by the fulfilment of climate commitments.

Pražská plynárenská has long been one of the largest energy suppliers in the country. It supplies gas and electricity to around 445,000 delivery points. The company’s sole shareholder is Pražská plynárenská Holding, which is controlled by the City of Prague. The city owns the gas utility through Pražská plynárenská Holding; however, as it has been the utility’s sole owner since 2014, the city leadership considers the intermediary company unnecessary, and it will merge with Pražská plynárenská.