Ceo Letter

Dear shareholders, employees and partners,

it is my pleasure to introduce this year again the Annual Report of Slovenské elektrárne. I have worked in this company for over ten years in various positions and the one thing I have always took pride in is the fact that it is built on the energy and drive of its people, many dedicated professionals on all levels, striving to achieve excellence in what they do. Thanks to their relentless effort, the company managed to confirm outstanding results in its performance, mitigating worsening market development and overcoming a number of challenges of last year.

Slovenské elektrárne produced almost 77 percent of its total gross output from nuclear, a reliable, safe and low-carbon source of electricity, which is an essential part of the present and the future of the company, especially when taking into account the project of completion of units 3 and 4 of the Mochovce Power Plant. Therefore I am especially delighted that our operation remained world-class, as evidenced by key international nuclear benchmarks. Conventional power plants have also exceeded many expectations, continued in extensive optimization and successfully completed important investments.

The situation in the energy markets, unfortunately, has not improved in 2015, on the contrary, wholesale prices continued to fall throughout the year, setting new, unprecedented, record low level. As a consequence, our net profit decreased by 86% year on year to 24 million euros. Current market conditions are not a temporary crisis but rather a permanent situation, forcing all energy players in Europe to adapt. We will continue in our efforts to reexamine, reimagine and reinvent all aspects of our operation and management, as we have done successfully in the past.

Such innovation and continuous improvement allowed us to become the largest investor in the country for many years, by far surpassing any other company in Slovakia, creating jobs, supporting the growth of the Slovak economy and contributing to the state budget, directly and indirectly, hundreds of millions of euros. We produced electricity for millions of households and businesses; energy, which is 90% CO2 free, avoiding tens of millions of tons of climate-warming greenhouse gases. The Mochovce project alone is creating over 10,000 jobs and brings multiple benefits to the economy. We continued to invest despite deteriorating market situation, without any state subsidies or guarantees, and without any impact on prices of electricity for our customers. We achieved a number of important milestones in 2015 and entered the last phase of this project.

Slovenské elektrárne continued to be the industry leader in health and safety, unfortunately, after many years of stellar performance we witnessed a tragic, fatal accident. Safety has always been our highest priority and we will continue to do our utmost to prevent such occurrences, always keeping in mind wellbeing of our colleagues, contractors and all other people.

We managed a number of extraordinary challenges last year during which employees of Slovenské elektrárne demonstrated admirable resilience, flexibility and inventiveness. The experience made us stronger and these characteristics of our corporate culture are a great foundation for future sustainable development. We continued to have positive, constructive, open and transparent dialogue with many of our key stakeholders and partners, who also deserve our special gratitude and recognition. Such approach is crucial to overcoming more challenges and tough decisions ahead of us.

We are constantly exploring new areas for improvement and growth, optimizing our operation, creating new energy services, increasing our efficiency and competiveness. If each and every one of us comes to work every day with the simple goal of doing things better, I am convinced that we will ensure successful operation of our company for years to come.

Nicola Cotugno Nicola Cotugno

Slovenské elektrárne

The core business of Slovenské elektrárne is the production and sale of electricity. The Company is the largest producer of electricity in Slovakia and one of the largest in Central Europe. Slovenské elektrárne also generates and sells heat, and provides ancillary services for the power grid.

Slovenské elektrárne operates 31 hydropower, two nuclear, two thermal and two solar power plants, with a total installed capacity of 4300 MWe.

Thanks to the balanced composition of production sources, 90% of electricity was generated without local greenhouse gas emissions.


To be the safest, most innovative and competitive producer in the Central and Eastern Europe, creating value for our customers, shareholders and employees.


To produce and supply affordable, safe and environmentally friendly energy for all our customers.

Integrated policy

Sustainable Development

Sustainability is a part of Slovenské elektrárne’s DNA. It is a stimulus to taking decisions and identifying innovative business solutions. In the competitive and ever-changing global business environment, sustainability enables the Company to achieve prosperity through the fact that it helps the Company foresee and manage both the existing and future economic, environmental and social opportunities and risks, focusing on quality, innovation and productivity in order to create a competitive advantage and long-term value.

Sustainable development lies not just in creating reports about what the firm has done to contribute to social responsibility. Sustainability looks ahead and plans what could be done to ensure the Company’s growth and future. With the aim of satisfying all stakeholders’ expectations, ensure a systematic approach to managing sustainable development and its integration into the goals and objectives of the main business processes, and to create added value both within and outside the organisation. The Company has created a model of sustainable development based on three main pillars:

Sustainability as a business model:

Its integration into business processes, support for innovation and new business solutions that contribute to reducing the environmental footprint, increasing safety along with excellent performance and leading to strong competitiveness.

Sustainability as a dialogue with stakeholders:

Active cooperation with stakeholders, both internal and external, building long-term relationships and trust. The expectations of these parties formed the drivers for business into the future.

Sustainability as corporate philanthropy:

Benefiting the community, promoting biodiversity, protecting cultural heritage and creating value for current and future generations.

Business model Dialogue with stakeholders Corporate philanthropy
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