Electrica reported losses of 175.5 million lei in the first half of 2022, compared to a net profit of 76.1 million lei in the same period last year, according to the half-yearly consolidated report of the group sent to the Bucharest Stock Exchange.

“The main negative impact that contributes to the negative result of 175.5 million lei is determined by the average purchase price of electricity for Technological Own Consumption (CPT) in the distribution segment 115% higher than the value established by ANRE ex-ante in tariffs generating additional costs of 574 million lei, costs that will be recovered in future tariffs in a period of up to 5 years after March 31, 2023 based on GEO 27/2022,” the cited document states.

In the six-month period ended on June 30, 2022, EBITDA decreased by 255.8 million lei compared to the similar period of 2021, to 101.3 million lei.

Electricity purchase expenses increased by 127.9%, to 4.94 billion lei in the six-month period ended June 30, 2022, mainly as a result of the increase in the electricity purchase price in the supply segment where the increase in electricity costs to cover the CPT for the distribution segment is also added.

In the first half of the year, revenues from the electricity supply segment increased by 44.8%, compared to the same period last year, to 3.83 billion lei (of which 3.80 billion lei were revenues with external customers of the group), mainly as a result of the increase in sales prices. The contribution of the supply segment to the Group’s consolidated revenues is 82.2%.

The profit from the electricity supply segment increased by 194.9 million lei, reaching 212.8 million lei.

Revenues from the energy distribution segment increased by 21.7%, to 1.56 billion lei (of which 804.7 million lei were revenues with external customers to the group). The contribution of the electricity distribution segment to the Group’s consolidated revenues is 17.4%.

In the electricity distribution segment, the Group recorded a loss of 392.7 million lei.

After the first half of this year, Electrica posted an operating loss of 146.9 million lei, compared to an operating profit of 115 million lei in the same period last year.