ANNUAL REPORT - HSE

ther in this Annual Report. What was it that ultimately
translated into success and how did we achieve the
desired result
Without a doubt this is hugely owing to HSE’s activities
in international electricity trading, which is our
core activity. Successful trading is further boosted by
a widespread network of companies, representative
offices and branch offices of HSE abroad, enabling us
to establish important business contacts and find the
paths through which electricity can be transported,
with benefits for both parties: the seller and the buyer.
Naturally, we are investing in new production capacities,
which will ensure successful operations in the
long run. Namely, we are aware that having our own
production sources is a key competitive advantage,
and electricity should mainly be produced in-house. In
2008 our investments again focused on modernisation
of our existing thermal energy and hydro energy capacities
and the construction of new energy facilities,
whereby we will upgrade the already good structure
of production sources and ensure that all our subsystems
are competitive in the long run. Of particular
importance for the HSE Group is further investment in
the priority project involving the construction of Unit
6 at Termoelektrarna Šoštanj, which in the past year
received much of our attention as well.
Of course, along with the above, we foster a positive
attitude toward the wider community that we operate
in. The nature of our activity is to be as environmentally
friendly as possible. But not always. Therefore, we
pay a lot of attention to new, "green" and alternative
energy sources, and to the application of new technologies
through specific pilot projects. Blue Energy
celebrated its fourth birthday in 2008, servicing more
than 2,000 loyal customers, to whom it matters what
kind of environment we leave behind for future generations.
In addition to production-oriented projects, we
invest in projects whose effect should be observed in
reduced costs of maintenance, operation and environmental
care. In 2009 we thus continue investing in the
construction of a hydro power plant on the lower Sava
River, a project whose concession was transferred to
a new company by HSE in 2008, but in which HSE nevertheless
remains an important player, and the construction
of PSP Avče and Kozjak. There is yet another
great challenge ahead of us: the construction of hydro
power plants on the central Sava River, for which HSE
already won the concession in 2008. We are waiting for
the concession agreement to be signed. With this project
HSE will continue the construction of production
capacities using renewable energy sources, which is
consistent with the sustainable electricity consumption
objective and the National Energy Programme as
well as the requirement to increase the share of electricity
produced from renewable energy sources.
The period which the Slovene electricity production
industry is entering along with the entire Slovene
economy is uncertain. The end of 2008 was marked by
the global financial and economic crisis, which is still
present and will be impossible to completely avoid in
the long run. We already know for certain that the operating
strategy of the HSE Group is outlined so that
the crisis and stringent conditions on the global energy
markets do not jeopardise our long-term goals –
and will not, as long as we act with due diligence in all
operating segments. We are certain that is something
we know how to do, as we have proven numerous times
that our actions are not merely focused on market
penetration, but also on rational business management.
The combination of the two is what guarantees
our future and within it business success to infinity.
The infinity of knowledge, experience, willpower, motivation
and loyalty of all those who contributed to this
year's Annual Report once again portraying our excellence.
Strategic, operational and financial.
That is why we want to sincerely thank you, our owners,
for helping us find the right paths and methods to
achieve our goals in 2008. And our employees, for the
knowledge and willpower to transform these goals
into figures, evolve building blocks into projects and
attach a reputation to the name of HSE. We also thank
our business partners for trusting us and choosing us.
Without any of you, infinity would be merely a word on
paper, instead of a notion that gains new dimensions
every year. Infinite dimensions.
Viljem Pozeb, M.Sc. Jože Zagožen, Ph.D.
Managing Director of HSE Managing Director of HSE
Ljubljana, 31/03/2009
ANNUAL REPORT HSE | INTRODUCTION
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