Nuclearelectrica estimates a 16 times down profit this year

National operator of nuclear power plants in Romania, Nuclearelectrica (SNN ) anticipated a down profit of EUR 6.2 million this year, more than 16 times lower compared to the result achieved in 2013, following a recent release of the company.

2014-02-13 13:41:33

Nuclearelectrica expects EUR 407.6 million worth revenues this year, 20.8 per cent less compared to RON 2.3 billion achieved in 2013, according to the income and expenditure report for 2014 that will be subject to approval of the shareholders of the meeting (AGA) scheduled for March 11.

Nuclearelectrica release states that "expenditures were made under austerity as opposed to the previous year and attaining to the real needs for maintaining long-term operating performance and nuclear safety, which is designed taking into account the expected evolution of negative revenue to be obtained in 2014 compared with the previous year."

Also, the electricity producer estimates a higher spending by 1.7 per cent from RON 1.75 billion to 1RON .78 billion.

Nuclearelectrica says it will produce 10.54 TWh of this year, whose sale will amount to RON 1.62 billion lei. The company is obliged, this year, by the Energy Regulatory Authority (ANRE), to deliver to population 3.74 TWh of energy , equivalent of 35.49 per cent of production. The price at which ANRE obliges Nuclearelectrica to sell energy in the fixed price market, of RON 145.88 / per MWh, determined Nuclearelectrica to file a suit against ANRE.

The company covers approximately 18 per cent of Romanian annual electricity needs and it is controlled by the state through the Department of Energy .

The two units of nuclear power plant at Cernavoda produced energy worth over 11.6 million MWh in 2013, of which 10.6 has been distributed in the national energy system of Transelectrica, according to data published by Nuclearelectrica.