SPP, a state-owned gas utility, posted a €104m loss in 2019. Its combined loss since 2014, when it was taken over by the then Robert Fico government, has climbed to a staggering €468m. On paper, it is among Slovakia’s most profitable firms, but only thanks to cashing in dividends from partly state-owned companies eustream and SPP Distribúcia. The loss stems from running Slovakia’s strategic gas reserves (€45m) and the misplaced bets of its management on global gas prices.
Ahead of the general election, the coalition party SaS was promising to privatize SPP. Now, it says the company’s finances must first be put in order and only then could privatization be considered.