Romania: Increased profit at Electrica recorded in 2020

, SEE Energy News

In 2020, Romanian electricity distributor and supplier Electrica has recorded a net profit in the amount of some 80 million euros, which is by 87.5 % higher compared to the previous year. The group’s operating revenues increased 3.5 % year-on-year, reaching 1.33 billion euros in 2020, while its operating profit rose to 94.2 million euros from 48 million euros in 2019. On the other hand, its expenditures related to electricity and gas purchases rose only by 1.19 % to 800 million euros.

In early 2021, Electrica has completed the first phase of the merger by absorption of its three regional electricity distribution subsidiaries. This is a major project that will the company to streamline costs, accelerate the digitization of major business processes, and improve operational performance to increase the quality of services provided. The three subsidiaries, which serve customers in Romania’s Transylvania and northern Muntenia regions, will merge under Distributie Energie Electrica Romania (DEER). The group’s Board of Directors approved the merger last May. Electrica is the most important national operator of electricity distribution networks: it covers 18 counties, from three geographical areas, representing 40.7 % of Romania’s territory. The three distribution companies within the Group manage 198,988 kilometers of transmission lines and serve approximately 3.8 million end consumers.