Transelectrica has announced negative results for 2021, which would affect its ability to absorb European funds, says USR PM Deputy Chamber member Cristina Prună.
From a profit of 145 million lei in 2020, the company recorded a loss of 6 million lei in 2021.
“At first glance, it does not seem out of the ordinary, because we have become accustomed to poorly managed state-owned companies. But the problem is different. A loss-making company can no longer access European funds. This is very serious. By 2030, Transelectrica should have access to hundreds of millions of euros in European funds to modernize and expand its transmission grid. It would be possible to integrate new electricity production capacities, which for Romanian consumers would mean more energy in the market, at fair prices,” says Cristina Prună.
“Let’s see why the colossus is at a loss. The company’s revenues increased by 58% in 2021, but not due to any management performance or innovative strategy. This increase was made possible by the return of post-2020 consumption (the first year of the pandemic), as well as the increase in transmission tariffs charged by Transelectrica and which we also pay in our energy bills.
“On the other hand, the losses were much higher because the management of this company was not able to acquire in time the energy necessary for its operation, the so-called own technological consumption (CPT), whose price has doubled. When they drew the line, they came out at a loss,” adds the USR PM.
“The reality is that this company was the victim of the political capture of PNL. Throughout 2021, the Liberals did not care to appoint competent people to run the company, but only how to change Orban’s people with those of Cîțu’s.
“That’s not all. Transelectrica is the majority shareholder of Smart SA. This company deals with the maintenance and upkeep of electricity transmission networks. Smart SA has increased its management bonuses for 2021 by more than 20%. We reward the performance of losing money with bigger bonuses. Of more than 800,000 lei.
“The most serious problem is that Transelectrica should develop new investments for the electricity transmission infrastructure, so that the new energy production capacities can be integrated in the network. But how to make these investments if it ended up at a loss?” adds Cristina Prună, who also accuses the hiring of incompetent sinecurists in key positions in the management of state companies, based on political appointments.
