Premier Energy Group reports EUR 1.3 billion in normalized revenue, EUR 103 million in normalized EBITDA in 2024
Premier Energy Group (BVB: PE), a leading energy provider in Southeast Europe and a listed company on the Bucharest Stock Exchange reports strong growth across its operations in 2024, with preliminary figures showing normalized revenue of…
Premier Energy Group (BVB: PE), a leading energy provider in Southeast Europe and a listed company on the Bucharest Stock Exchange reports strong growth across its operations in 2024, with preliminary figures showing normalized revenue of EUR 1,263 million, marking a 45% year-over-year increase, and normalized EBITDA of EUR 103 million, up 14% compared to 2023. The fourth quarter saw an even stronger performance, with normalized revenue rising 65% year-over-year to EUR 422 million and normalized EBITDA increasing 25% to EUR 30 million, reflecting the company’s continued expansion across renewable energy, electricity supply, and natural gas distribution segments.
José Garza, CEO of Premier Energy Group, commented: “We close 2024 satisfied with our results, considering the challenges the energy market presented last year. Despite price volatility, higher than historical balancing costs, and shifting regulatory conditions, our diversified and vertically integrated operations enabled us to navigate these complexities while delivering strong growth. We increased our owned renewable energy production by 63%, expanded our supply businesses, and strengthened our infrastructure network. The successful integration of Premier Energy Furnizare reinforced our position as one of the top energy suppliers in Romania, while our wind acquisitions of approximately 100 MW further enhanced our renewables portfolio. These achievements highlight our resilience and commitment to delivering reliable, competitive, and sustainable energy solutions to our almost 2.4 million customers across Romania and Moldova.”
Throughout 2024, Premier Energy continued expanding its renewable energy portfolio, increasing owned production by 63% year-over-year, driven by acquisitions. In April, the company acquired an 18 MW wind plant in Drânceni, Romania, followed in July by the 80 MW Mihai Viteazu wind farm. However, despite this expansion, profitability in the segment was impacted by persistently high balancing costs, particularly in May and June, when costs surged to three to five times their levels from 2023. These pressures persisted throughout the year, compounded by increased intraday price volatility, leading to a 38% decline in normalized EBITDA for the renewable business compared to the prior year. The most significant impact was recorded in the first half of the year, with the second half of the year EBITDA stabilizing, recording a more moderate 4% year-over-year decline and the 4th quarter EBITDA of the segment actually increased by 14%.
A driver of additional growth in 2024 was the integration of Premier Energy Furnizare, the former CEZ Vânzare, acquired in April. The transaction brought an additional 1.3 million electricity and natural gas customers under the Group’s umbrella, strengthening its position as one of the leading electricity suppliers in Romania. From the moment of acquisition until year-end, Premier Energy Furnizare generated EUR 279 million in revenue, with an EBITDA of EUR 7 million, despite regulatory constraints such as price caps and limitations on balancing cost remuneration.
