The National Electric Energy Transport Company Transelectrica registered a net profit of 529.16 million lei in 2022, a significant increase compared to the previous year’s profit of 0.45 million lei, according to preliminary, unaudited financial data, sent on Monday to Bucharest Stock Exchange.

“The preliminary net result at the end of 2022 registered an appreciation compared to the previous year both against the background of the increase in the unit price of electricity and the electricity deficit existing throughout the European Union, which led to the recording of higher revenues from the allocation of the capacity from the interconnection, simultaneously with the application of the new regulations regarding the coverage of net costs with OTC (own technological consumption)”, the report states, according to Agerpres.

Total operating revenues in 2022 increased by 67% compared to the same period of the previous year, to 6.286 billion, compared to 3.756 billion lei in 2021.

Total operating expenses (including depreciation) increased by 51%, reaching 5.662 billion lei, compared to 3.745 billion lei in 2021.

In the main area of basic activities, there was a 77% increase in revenues (which exceeded the 29% increase in operating expenses including depreciation) compared to the previous year. The increase was mainly determined by the revenues from transport, the recording of higher revenues from the allocation of interconnection capacity, simultaneously with the application of the new regulations regarding the coverage of net costs with CPT, against the background of the increase in the unit price of electricity, as well as the deficit of electricity existing throughout the European Union.

The completion rate of the investment program on December 31, 2022 was of 97.5%. The company’s investment plan for the next 10 years includes a complex investment program, which aims to strengthen energy security, digitalization and the implementation of the SMART GRID concept, which will generate, on one hand, the increase in the capacity to integrate renewable energy into the system and on the other hand, increasing the interconnection capacity.