Romania, Electrica recorded a net profit in the amount of 109 million euros in the first nine months of 2022

, SEE Energy News

Romanian electricity distributor and supplier Electrica recorded a net profit in the amount of 109 million euros in the first nine months of 2022, compared to a profit of 14.6 million euros in the same period last year.

Revenues of the Electrica Group increased by 44.4 % year-on-year to 1.47 billion euros in the January-September 2022 period. Revenues from the supply of electricity and natural gas rose to 386 million euros, mostly due to the 54 % increase of electricity prices in retail market. Revenues from state subsidies resulting from capped electricity and gas retail prices amounted to 418 million euros.

The Group’s expenditures for the purchase of supplied electricity increased by 125.8 % year-on- year to 1.57 billion euros.

In the first nine months of 2022, Electrica distributed a total of 13.4 TWh of electricity, which is 3.4 % less than in the same period in 2021. Electricity supplied to the retail market amounted to 6.4 TWh, a 9 % decrease on the year.

Electrica CEO Alexandru Chirita said that good financial results make the group confident in its business strategy and in the decisions taken, and it will continue to pursue the sustainable development objectives of all business segments, in parallel with maintaining a high degree of resilience in the face of future challenges.

Electrica recorded a net loss of 36 million euros on the group level in the first half of 2022.