EGL Gas&Power, a major electricity and natural gas traderwith 84m-euro turnover, is betting on regaining some older clients,such as Russia's Lukoil, and also on attracting some small ones toresume growth in 2011.
The company was set up in 2003 as the subsidiary of Swiss EGLgroup. Last year, the company posted 84m-euro turnover, down 23%year-on-year, and expects growth to be resumed as late as 2011.
"I believe we'll see turnover go down by around 15% this year.Since October 2008, gas and electricity demand has contracted by12%, and 18%, respectively. We have now recouped around half ofthese volumes and I believe that in spring 2011 we'll reach thelevel prior to the crisis. I say this counting on the fact thatwe'll expand our client portfolio. I'm focusing on small and mediumclients that are not causing major imbalances when losing them.We're also analysing their financial stability," says Petre Stroe,general manager of EGL Romania.
The company has lost one of its major clients, Lukoil, thisyear, after Swiss Holcim late last year chose to buy electricityfrom others. Stroe is confident, though, that major clients willreturn to his portfolio.
He also seems confident things cannot get any worse for hisbusiness, saying the market has bottomed out.
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