Romania: Increase of Transelectrica’s profit in 2020

, SEE Energy News

In 2020, Romanian electricity transmission system operator Transelectrica recorded a net profit in the amount of 23.3 million euros, which is by 18.3 % higher compared to the previous year. The statement from the company said that the increase in profit was mainly due to reduced operational expenses, including depreciation, as well as to an efficient management of available resources.

Transelectrica’s total revenues dropped slightly by 1 % year-on-year to 486 million euros in 2020, mainly due to the decrease of the operational revenues associated to zero profit activities and also by diminished quantity of transported electricity. Total operating expenses increased by 8 % year-on- year to 199 million euros in 2020, while earnings before interest, taxes, depreciation, and amortization (EBITDA) rose by 11 % year-on-year to 89.5 million euros. Transelectrica invested almost 74 million euros in its infrastructure in 2020, up by an annual 43 %.

CEO of Transelectrica Catalin Nitu said that the results obtained in 2020, a complicated year for the entire economic sector, show that the company has adapted to business conditions and has managed to focus its efforts on those actions that are sustainable and essential for operational safety of the national electricity system: investments and maintenance. At the same time, in 2020, Transelectrica contributed to the functioning of the economy in a period marked by the effects of the pandemic, also having an important contribution to the Romanian state budget.