Romania: Transelectrica’s profit doubled in Q1 2020

, SEE Energy News

Romania’s electricity production and consumption in Q1 2020 decreased by 4.5 % and 2.9 % respectively, while net electricity exports rose by 32.5 % compared to the same period in 2019. Romanian electricity transmission system operator Transelectrica said that it has recorded a net profit in the amount of 16 million euros in the first quarter of 2010, which is more than double compared to 7.8 million euros recorded in the same period in 2019.

The company’s operating revenues in the first three months of the year were flat at 65.5 million euros, while total operating expenses fell by 16 % to 105 million euros. EBITDA decreased by 3 % year-on-year to 28.9 million euros.

Transelectrica invested 10.75 million eurosin its infrastructure in the first quarter, which is 72 % more than in the previous year. The company plans to invest over 78 million euros in 2020. Transelectrica recorded a net profit in the amount of some 22 million euros in 2019, which is by 28 % higher compared to 2018. According to the statement from the company, last year’s financial results were positively influenced by a 13 % drop in operational costs, which totaled 476 million euros in 2019. The company’s operating revenues increased by 12 % in 2019, reaching 503 million euros, while its earnings before taxes, interest depreciation and amortization (EBITDA) dropped by 2 % to 85.3 million euros.