Romania, Electrica revoked Corina Popescu from the position of CEO

, SEE Energy News

The largest Romanian electricity distributor and supplier Electrica informed that the company’s 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. The Board of Directors has appointed Alexandru Chirita as an interim CEO.

Electrica recorded a net loss in the amount of 111.5 million euros at the group level in 2021, compared to a profit of 78 million euros in the previous year. The loss is mainly due to higher electricity purchase prices. The revenues of the Electrica Group amounted to 1.45 billion euros in 2021, which is an increase of 10.4 % compared to the previous year.

In the supply segment, revenues were higher by 15.1 %, in the context of the evolution of electricity sales prices on the retail market, the increase of the amount of energy supplied on the retail market by 1 %, but also the increase in revenues from green certificates.

In the distribution segment, revenues were 0.7 % lower, mainly due to the decrease in revenues related to the construction services of electricity networks from concession agreements, negative impact offset by the increase in distribution tariffs and volumes of distributed electricity, by 5.7 %.