Transelectrica’s net profit increased by 18% in 2020

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Transelectrica achieved in 2020 a net profit of 114 million lei, 18% higher than the one obtained in the previous year, of 96 million lei. The level of achievement of the Investment Plan is of 94%, and the level of achievement of the Maintenance Plan – of 99%, the company announced.

In 2020, Transelectrica maintained its Ba1 (Corporate Family Rating) rating with a positive outlook from Moody’s. The Company’s gross profit increased by 60 million lei, from 107 million lei in January-December 2019, to 167 million lei in January-December 2020, an increase mainly due to the reduction of all operating costs including depreciation, as well as efficient management of available resources in the company’s accounts.

The context of 2020 was a difficult one due to the COVID-19 pandemic, which generated a decrease in electricity consumption both locally and in Europe. However, in its capacity as Transmission System Operator (TSO), Transelectrica has implemented measures to mitigate the manifestation of risks, ensuring the continuity of business in safe conditions. Thus, in 2020, there was a decrease in electricity consumption by 3.48% compared to 2019. Thus, in the period January-December 2020 was charged a quantity of energy of 53.85 TWh, compared to 55.34 TWh in the same period last year.

“The results obtained in 2020, a complicated year for the entire economic sector, show that Transelectrica has adapted to business conditions and has managed to focus its efforts on those actions that are sustainable and essential for the safe operation of the National Power System: investments and maintenance. At the same time, in 2020, Transelectrica contributed to the functioning of the economy in a period marked by the effects of the pandemic, also having an important contribution to the Romanian state budget,” said Cătălin Nițu, executive general manager, Transelectrica.

Total operating income achieved in 2020 registered a slight decrease of 1% compared to the previous year (2,368 million lei in 2020 compared to 2,398 million lei in 2019), mainly due to the decrease in operating income related to zero profit activity (balancing market), but also by decreasing the amount of electricity transported.

Total operating expenses (including depreciation) made between January and December 2020 decreased by 4% compared to the same period last year (2,198 million lei compared to 2,282 million lei in 2019).

On the main area of basic activities (transport and dispatching SEN) there was a decrease of 2% of revenues, mainly due to the decrease in the amount of electricity delivered to consumers. At the same time, the average price per DAM had a sharp downward trend starting with January 2020, being about 25% lower in 2020 compared to 2019.

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