Transelectrica reports net profit of 207 million RON, down 51 percent in the first nine months of 2023

Transelectrica announced its financial results for the first nine months of the year. The net profit reached 207 million, a decrease of 212 million RON (-51 percent) compared to that recorded in the same period of 2022, mainly because in the current year the amounts recorded as income from the capitalization of OTC were below those of the same period of the previous year (2.7 million in 9M 2023 vs 279.2 million in 9M 2022).

Total operational revenues of Transelectrica recorded a decrease of 32 percent compared to the same period of the previous year (3,308 million RON at 9M 2023 compared to 4,884 million RON in 9M 2022), in the context of the significant decrease in revenues from zero-profit activities (balancing market, technological system services) and the production of intangible assets – additional OTC, concomitant with the 2.1 TWh decrease in the amount of electricity delivered to consumers (37.44 TWh in 9M 2023 compared to 39.50 TWh in 9M 2022).

Total operating expenses (including depreciation) incurred in 9M 2023 decreased by 30 percent compared to the same period of the previous year (RON 3,078 million in 9M 2023 compared to RON 4,388 million in 9M 2022), mainly from zero-profit activities (balancing market), expenses for the purchase of electricity for own technological consumption and expenses related to services provided by third parties.

In the period January-September 2023, electricity consumption at SEN level recorded monthly decreases ranging from 2.77 percent in August to 11.61 percent in January. Thus, the first nine months of 2023 ended with a decrease in consumption of 7 percent, while production increased by 3 percent.