Romania: CEZ recorded losses in 2014, SEE Energy News
CEZ Romania Group recorded losses worth 194MEUR last year, compared with a net profit of 49MEUR in 2013, the company announced.
According to Karel Kral, CFO of the company, the losses were caused by sudden changes in the system of support for energy from renewable sources, which forced the company to reassess the current wind farm. This resulted in a loss of 166MEUR.
“Because of the difficult external context created by legislative changes in the energy production from renewable sources was a great achievement for us as a team, to maintain stability of the group. In 2014, we had to pay more attention to internal processes and costs to compensate for unforeseen loss occasioned substantial change of the support scheme for energy from renewable sources in 2013, “said Martin Zmelik, country manager and Chairman of the Board CEZ Romania.
CEZ Romania Group recorded late last year, earnings before interest, taxes, depreciation and amortization (EBITDA) of 106MEUR, down from 101MEUR to 2013. Decreases were recorded in activity wind energy production (126MEUR), caused mainly by not receiving green certificates for Fantanele West (Tomis Team) and Cogealac (Ovidiu Development).
EBITDA resulting from the distribution and supply activities increased by 18MEUR compared to last year, mainly due to the collection of outstanding receivables from the National Railway Company CFR SA and the Romanian Post. The amount of energy distributed to final customers was 6,316 GWh, which represents a slight decrease from the previous year, due to lower energy consumption, particularly in the non-household consumers.
At the end of last year, supplying electricity company CEZ Sale 1,417,711 a number of places of consumption, of which 71 571 consumer places eligible customers 4.798 seats consumer non-household customers benefiting from universal service 11,418 Consumer places non-household customers, which has not used the entitlement and have not applied for universal service and consumer places 1,329,924 residential customers. Capital expenditure for the whole group reached a value of 49MEUR. The investment was mainly used for upgrading the distribution network, while a large part of investments in energy production were completed in 2013.
Last year, CEZ Distribution has focused on meeting the investment plan approved by ANRE for improving the quality of distribution. Total investment in the electricity network was 46MEUR. The main investments were in the low voltage network (72.8%) and medium voltage network (20.3%), mostly related to programs made for reducing network losses. , transmits Serbia-energy.eu