In the first nine months of 2023, EBITDA at the Electrica Group level increased by 13.5 percent, reaching 1.25 billion RON (251.5 million euros), compared to 1.1 billion RON achieved in nine months of 2022.
Electrica recorded a net profit of 418.3 million RON (84 million euros), which is a 21.6 percent decrease compared to the profit of 533.7 million RON in 9M 2022.
In 9M 2023, the volumes of energy distributed and supplied were lower by 6.2 percent and 10 percent respectively compared to 9M 2022, the operating profit had a slight decrease, of 2.7 percent, due mostly to the decrease in operating income of 3.2 percent (mainly due to the tariffs’ increase), in conjunction with the implementation of MACEE and the efforts to maintain the costs under control.
Electricity procurement expenses decreased by RON 873.5 mn., or 11.3 percent, to RON 6,854.0 mn. in the nine months ended 30 September 2023, from RON 7,727.7 mn. in 9M 2022, mainly due to the strong decrease on average by 47.9 percent in electricity costs for covering network losses (NL) for the distribution segment, as a result of the implementation of the MACEE to which is added the negative impact from the increase by an average of 20 percent of the electricity purchase price on the supply segment.
The operating expenses decreased by 3.3 percent in 9M 2023 compared to the same period of last year and the net profit in 9M 2023 recorded a decrease of RON 115.4 mn. (21.6 percent), mainly due to the increase in the negative impact of the financial result, from RON 103.3 mn. in 9M 2022 to RON 216.8 mn. in 9M 2023 (an increase of 110 percent). The significant increase in interest costs for the year 2023 compared to the year 2022 is a direct effect of the non-receipt of amounts from the Ministry of Energy and the National Agency for Payments and Social Inspection within the terms established by law, as a result of the application of the price cap mechanism for electricity and natural gas under the applicable legislation.