Romania, Electrica recorded a net loss of 31.9 million euros in Q1 2022, SEE Energy News
Romanian electricity distributor and supplier 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.
Capital expenditures in the first quarter amounted to 23.4 million euros, which is an increase of 26.6 % compared to last year, in line with the annual evolution of the approved investment plans and the allocation of the investment plan.
The operating loss amounted to 35.3 million euros a decrease of 51 million euros compared to the same period last year. The decrease was mainly due to the performance of the electricity supply segment significantly influenced by the increase in energy costs, to which is added the increase in electricity costs to cover own technological consumption for the distribution segment caused by the difference between the estimated average cost of energy acquisition for own technological consumption and the ex-ante price established by ANRE for the year 2022.
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 %.