Nuclearelectrica posts net profit of 1.28 billion RON, down 35 percent in the first nine months

In the 9-month period ending on September 30, 2024, Nuclearelectrica reported a net profit of 1.28 billion RON, down 35 percent year-on-year. 

Operating profit (EBITDA) decreased by 28.1% compared to the same period of the previous year, significantly influenced by the 38.9% decrease in the prices of electricity sold, for a similar quantity of electricity sold.

The operating income decreased by 40% basically due to the decrease in income from the sale of electricity by 40.9%, determined by the decrease by 38.9% of the weighted average price of electricity sold between January 1 and September 30, 2024, compared to of the weighted average price from the same period of 2023, under the conditions of the sale of a similar total amount of electricity.

The amount of electricity sold by SNN in the first 9 months of 2024 on the competitive market decreased by 20.7% compared to the previous similar period, representing 45.48% of the total amount sold (including imbalances), and the average selling price on this the market was lower by 55% (price with Tg).

The expenditure with the contribution to the energy transition fund (CFTE), for the period January 1 – September 30, 2024, is 110,577 thousand lei (January 1 – September 30, 2023: 2,059,256 thousand lei), as a result of the reduction of sales prices for certain transactions below the regulated level for which the contribution is calculated and owed.

Operating expenses, less depreciation, amortization and CFTE , increased by 36.1% during the period January 1 – September 30, 2024, compared to the same period of 2023. This increase is mainly determined by the increase in expenses with positive imbalances ( surplus) at negative prices on the balancing market, determined by the new invoicing method established by CIGA.

The net financial result decreased by 25.9% due to the fact that between January 1 and September 30, 2024 net financial income was lower by 18.5% compared to the same period of the previous year, due to the decrease in interest income with 31.5%. The main currencies against which there are exposures are EUR and CAD.

The net expense with the profit tax decreased by 32.2% as a result of the decrease in the taxable profit calculated for the period January 1 – September 30, 2024 compared to the one calculated for the previous similar period, also influenced by the impact of the expense and income with recognized deferred profit tax during the period.

The gross electricity production of the two operational units of CNE Cernavoda was 7,970,912 MWh in the first 9 months of 2024 (of which 2,792,692 MWh in the third quarter of 2024); of this gross production, the Units’ own technological consumption during operation, as well as during shutdowns ensured by own production, was 660 thousand MWh in the first 9 months of 2024 (of which 238 thousand MWh in the third quarter of 2024).

Thus, the electricity produced and delivered in the National Energy System (“SEN”) was 7,311,146 MWh in the first 9 months of 2024, compared to the same period of 2023 (7,622,416 MWh), representing a decrease of 4.1 %. In the third quarter of 2024, the amount of electricity produced and delivered in the SEN was 2,554,559 MWh, down 5.5% compared to the level recorded in the third quarter of 2023 of 2,702,277 MWh.

The net electricity production program approved by the Board of Directors for the year 2024 (revision March 2024) envisaged a quantity of 10,179,063 MWh; for the first 9 months of 2024, a quantity of 7,474,085 MWh is foreseen, being achieved in a proportion of 97.8%; for the third quarter of 2024, had in mind a quantity of 2,622,661 MWh, being achieved in a proportion of 97.4%.