Romania, Transelectrica recorded 73 % lower profit in H1 2022

, SEE Energy News

Romanian electricity transmission system operator Transelectrica recorded a net profit in the amount of 5.7 million euros in the first half of 2022, which is by 73 % lower compared to the same period last year.

The statement from the company said that the current price situation on the wholesale electricity market is fundamentally different compared to the one in the first half of 2021, strongly influenced by the rise in prices. The centralized short-term markets recorded unprecedented historical prices, following the international context on the energy markets, exacerbated by the conflict in Ukraine.

The company’s total revenues in the first six months of 2022rose by 35 % on the year, reaching 175 million euros on the back of higher revenues from the transmission tariff approved by the national energy regulator ANRE as well as improved interconnection revenues.

However, its total operating expenses increased by 70 % to 146 million euros, while earnings before interest, taxes, depreciation and amortization (EBITDA) fell by 33 % year-on-year to 29.2 million euros.

In the first half of 2022, electricity production and consumption decreased by 5 % and 8 % year-on- year, respectively. Cross-border exports rose by 6 %, while cross-border imports increased by 47 %.

Transelectrica has planned 95.5 million euros investments for 2022, of which it implemented 34 % during the first half of the year.