kathimerini.gr
HELLENiQ ENERGY Reports Record 2024 Profits, Plans Crete Drilling
HELLENiQ ENERGY reported record 2024 EBITDA exceeding €1 billion and plans a research well in Crete's offshore blocks within six months, costing $50-80 million; the 50% Elpedison acquisition is expected to complete in the next quarter, increasing its renewable energy capacity to 1 GW by 2026 and 2 GW by 2030.
- What were HELLENiQ ENERGY's 2024 financial highlights, and what key strategic decisions are pending?
- HELLENiQ ENERGY announced strong 2024 results, exceeding €1 billion in EBITDA despite a €173 million exceptional tax. A decision on a research well in Crete's offshore blocks is expected within 3-6 months, costing an estimated $50-80 million. The acquisition of 50% of Elpedison is slated for completion in the next quarter.
- How will HELLENiQ ENERGY's acquisition of Elpedison and its expansion into renewable energy affect its overall strategy and financial performance?
- The company's robust performance reflects improved refinery operations, hitting record production levels of 17.2 million tons (+6%). Increased exports account for 54% of total sales, showcasing a strengthened international presence. This success, coupled with renewable energy investments nearing 500 MW, supports a strategic shift towards balanced energy transition.
- What are the potential risks and opportunities associated with HELLENiQ ENERGY's offshore exploration plans in Crete, and how might these impact its long-term growth?
- HELLENiQ ENERGY aims for 1 GW of renewable energy capacity by 2026 and 2 GW by 2030, primarily through acquisitions and organic growth in the Balkans. The Crete exploration decision will be crucial for future growth, and the Elpedison acquisition significantly boosts the company's renewable energy portfolio, increasing EBITDA to €300 million by 2030. The increased shareholder dividend to €0.75 per share from the sale of the DEPA stake reflects this success.
Cognitive Concepts
Framing Bias
The framing of the article is overwhelmingly positive towards HELLENiQ ENERGY. The headline (if there were one) would likely focus on the company's financial success and strategic plans, while downplaying potential negative consequences of its actions. The emphasis on increased dividends and record-breaking production reinforces a pro-company narrative. The inclusion of quotes from executives expressing satisfaction further contributes to this positive framing.
Language Bias
The language used is generally neutral and factual in reporting the financial results. However, the description of the financial year as 'excellent' and the use of phrases like 'extremely satisfied' show positive bias. More neutral descriptions could be used; for instance, 'strong financial performance' instead of 'excellent year'.
Bias by Omission
The provided text focuses heavily on the financial performance and strategic decisions of HELLENiQ ENERGY, with limited information on potential environmental impacts of offshore drilling or the perspectives of stakeholders other than the company. There is no mention of potential risks associated with offshore drilling or alternative energy sources. The article also omits any discussion of the social and economic effects of the company's actions on local communities in Crete.
False Dichotomy
The article presents a somewhat rosy picture of HELLENiQ ENERGY's transition to renewable energy, framing it as a 'balanced and realistic' approach. However, it doesn't fully explore the complexities of the energy transition, such as the potential trade-offs between fossil fuels and renewable energy, or the challenges of scaling up renewable energy production quickly enough to meet future energy demands.
Gender Bias
The article mentions several executives by name (Andreas Siamisis and Giorgos Alexopoulos), both men. There is no apparent gender bias in terms of language or representation, however the lack of female representation is noteworthy and could indicate an underlying bias. More information on the diversity of the company's leadership would provide a more complete picture.
Sustainable Development Goals
The article highlights HELLENiQ ENERGY's significant investments in renewable energy sources (RES), aiming for 1 GW of installed capacity by 2026 and 2 GW by 2030. This aligns with SDG 7 (Affordable and Clean Energy) by promoting the transition to sustainable energy systems and increasing RES capacity. The company's acquisition of Elpedison further strengthens its commitment to this goal.