Major energy-producing companies reported lower profits in the first quarter (Q1) of the current year, hit by falling prices over the past year.
Thus, Hidroelectrica reported a net profit down by 23%, to 1.32 billion lei, in the first quarter, from 1,723 million RON, in the similar period last year.
The Group’s operating margin and net margin were decreased by 2% and 1%, respectively, compared to the similar period of 2023, mainly as a result of the decrease in electricity sales prices (both locally and in the European interconnected market) and the amount of electricity sold.
Revenues were down 22% compared to the same period of 2023, to 2.53 billion lei.
At the same time, Nuclearelectrica registered a net profit of 563.27 million lei, in the first quarter, down 26.5%. The gross electricity production of the two operational units of CNE Cernavodă was 3,000,292 MWh in the first quarter of 2024 (2,998,845 MWh in the first quarter of 2023); of this gross production, the Units’ own technological consumption during operation was of 232 thousand MWh in the first quarter of 2024 (of which 229 thousand MWh in the first quarter of 2023). Thus, in the first quarter of 2024, the amount of electricity produced and delivered in the system was of 2,767,990 MWh, down by 0.06% compared to the level recorded in the first quarter of 2023 of 2,769,639 MWh.
Network operators – increases beyond expectations
In contrast, system operator Transelectrica reported a net profit of 103 million lei in the first quarter, up 29%.
The increase in operating revenues of Transelectrica (532 million lei in Q1 2024 compared to 499 million lei in Q1 2023) was mainly influenced by the increase in the average network tariff approved by ANRE, which led to an increase in revenues from the regulated tariff (+56 million lei) in the context of the increase in the amount of electricity, higher income from CPT transactions (+15.7 million lei), as well as the recording of income from emergency aid of 3 million lei and from CPT capitalization – of 7 million lei.
In Q1 2024, the total amount of electricity charged for the services provided on the electricity market (13.23 TWh) registered an increase of 1.7% compared to the same period of 2023 (the difference between the two periods being 0, 22 TWh).
Operating expenses (including depreciation) increased by 7% (423 million lei in Q1 2024 compared to 395 million lei in Q1 2023).
At the same time, the consolidated net profit of Transgaz was of 262.8 million lei, in the first quarter, up by 113%. Revenues from the exploitation activity, before the balancing and construction activity according to IFRIC12, increased by 53%, to 706.5 million lei. At an individual level, in the first quarter of 2024 the revenues from the exploitation activity before the balancing and construction activity according to IFRIC12 are higher than those achieved on March 31, 2023 by 41%.
