Romania, Electrica decided to appoint Alexandru Chirita as its interim CEO

, SEE Energy News

The Board of Directors of Romanian electricity distributor and supplier Electrica decided to appoint Alexandru Chirita as its interim CEO for a three months mandate.

In early May, the Board of Directors decided to revoke Corina Popescu from the position of CEO starting on 16 May. The press release from the company did not reveal any reasons for the revoke.

Electrica recorded a net loss of 31.9 million euros in the first quarter of 2022, compared to a profit of 11.7 million euros recorded in the same period last year. The increase in energy prices is the main cause of the loss of the Group. In the first three months of the year its earnings before interest, taxes, depreciation and amortization (EBITDA) decreased by 50.5 million euros compared to Q1 2021, registering a negative value of 10.2 million euros. Expenditures for the purchase of electricity increased by 152.1 % to over 580 million euros in the first quarter of 2022, mainly as a result of the increase of the purchase price of the electricity on the supply segment.

In Q1 2022, revenues from the electricity supply segment increased by 58.9 % year-on-year to 446 million euros, mainly due to the increase in sales prices, with the contribution of the supply segment to the consolidated revenues of the Group of 85 %.

Revenues from the energy distribution segment increased by 14.7 % to 153.5 million euros, with the contribution of the electricity distribution segment to the Group’s consolidated revenues of 14.7 %.