The National Electricity Transmission Company (CNTEE) Transelectrica reported, in the first quarter of this year, a net profit of 77 million lei, more than double compared to the same period of the previous year, when it was of 38 million lei.

According to the results published on Friday by the company, the net profit registered at three months was almost three times higher than the budgeted profit for January-March 2020 and represented about 88% of the budgeted profit for the whole year 2020, according to Agerpres.

Compared to the same period last year, the net profit obtained by the national electricity transmission operator, in the first quarter of the current year, increased by 103%, and the net positive result was obtained as a result of the application of prudential management decisions consisting in the overall reduction of all items of expenditure.

At the same time, during the analyzed period, CNTEE Transelectrica also experienced an improvement in terms of the profitability of the activity, so that the total profit from the operating activity increased by 116%, amid the reduction of all costs.

On the main area of basic activities (transport and dispatching the National Energy System), in Q1 2020, the company obtained financial results comparable to the same period of 2019, registering an insignificant decrease mainly due to the 3% decrease in revenues from transport and other revenues on the energy market from the cut in the amount of electricity delivered to consumers by 1.8%, as well as from the reduction of the average tariff for the transmission service approved by ANRE.

According to the quoted source, on the segment of activities with zero profit, in the first three months of the year, there was a financial increase of 50.6 million lei, compared to the loss of 28 million lei, registered in Q1 2019.

Also, the revenues from the technological system services increased by 20%, up to 188 million lei, on March 31, 2020, compared to 157 million lei, on March 31, 2019, “determined by the increase of the tariff approved by ANRE for these services, simultaneously with the decrease by 10% of the expenses regarding the technological system services in the first quarter of 2020, compared to those from the period for 2019 (166 million lei in the first quarter of 2020 versus 185 million lei in the first quarter of the year 2019).”