State to keep control over SE even if it goes bankrupt
The Economy Ministry is working on legislation allowing the state to keep control over key assets of Slovenské elektrárne (SE), a power generator, in case SE goes bankrupt and creditors exercise their liens, according to Karol Galek, Deputy Minister. SE is still in the black, but if Mochovce nuclear power plant completion fails, it might not be able to repay its huge debts, which topped 10-times EBITDA in 2018. Its EBITDA profit fell from €869m in 2015 to €298m in 2018. Its largest creditors are the state-owned Sberbank (Russia), Sace (Italy) and Čeb (Czechia).
SE has already sold its 2020 output and a sizeable chunk of the 2021 output and is not impacted by the recent sharp drop in power prices. Slovakia’s power consumption is falling too, by 14% in May.