Transelectrica sued the National Regulatory Authority for Energy (ANRE) due to the latter’s decision to reduce the regulated electricity transport tariff via an order in 2014, which would have damaged the electricity TSO by 138 million lei, according to the report submitted, on Thursday, to the Bucharest Stock Exchange, by Transelectrica, on the occasion of publishing the financial results.
Transelectrica, the transmission and electricity system operator, posted a net profit of 98.02 million lei for the first six months of this year, similar to the same period last year, when it was of 98.38 million of lei, according to the mentioned report. Finally, however, the net profit reported by Transelectrica in 2017 was 28.6 million lei, almost 10 times lower than the one recorded in 2016.
The representatives of Transelectrica say that on June 26, 2014, the ANRE issued the Order no. 51, published in the Official Gazette no. 474 / 27.06.2014, regarding the approval of the average tariff for the transport service, the tariff for the system service and the tariffs related to the transport service, practiced by Transelectrica.
The values taken into account in the calculation of the regulated profit rate (RRR) by ANRE, according to the Methodology for establishing the tariffs for the electricity transmission service, determined a RRR of 7.7%. According to Transelectrica, this rate of return should have been 9.87%.
“CNTEE Transelectrica SA considers that the application of the provisions of Article 51 of the Methodology by establishing the Beta parameter (ß) to 0.432 will cause financial loss to the company by decreasing profitability by an estimated 138.4 million lei, having a significant impact on the financial interests of the company,” states the report quoted by Agerpres.
On February 9, 2016, the court admitted the proof of accounting expertise – the specialty of financial investment and other securities and postponed the discussion of the evidence with the technical expertise – the electro-energetic arm, after the administration of evidence with accounting expertise.
At the terms of March 25, 2016, April 22, 2016, June 10, 2016, and March 3, 2017, the court deferred the case in the absence of a technical expertise report. The deadline for completing the expertise was set for September 25, 2018.