Enel’s profit in Romania drops drastically in 2019

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The Italian group Enel announced for 2019 a net profit in Romania before the payment of interest and taxes of 54 million euro, marking a decrease by 42.5% compared to the profit for the year 2018, mainly as a result of the increase of the losses recorded in the supply segment of electricity and of a lower profit obtained from the distribution activity, according to Profit.ro.

Thus, the losses of the retail segment of Enel Romania increased from 2 million euro in 2018, to 14 million euro in 2019, and the profit of the distribution activity decreased to 13 million euro last year from 54 million, in the previous year. The activity of renewable energy production has evolved positively, reaching a net profit of 49 million euro in 2019, from 40 million euro in the previous year.

The losses from supply of Enel come from the decrease of sales by 0.6TWh, but have also been triggered by the effect of the price control applied by ANRE following the adoption of the controversial GEO 114. In addition, the Enel group also reported depreciations of 235 million euro, mainly due to “holdings in the subsidiaries in Romania and Russia”.

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