Transgaz loses 435 mln. lei in operating revenues in 2020, profit decreases by 65%

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Bogdan Tudorache

Transgaz proposes to shareholders to approve, at the general meeting (GSM) of March 4, a budget of revenues and expenses (BVC), which marks a decrease of the net profit by about 65%. The operating revenues will decrease by 22%, mainly due to the diminution of the revenues with the balancing of the national transport system (SNT) by 214 million lei, but also to the “decrease of the revenues from international transport services by 211.6 million lei due to the termination of the contract transport with Gazprom Export for Isaccea 2 pipeline – Negru Vodă 2 and the regulation of transport revenue on Isaccea 1 – Negru Vodă 1 pipeline.”

Also, the revenue from gas transportation will decrease in 2020 by 15.4 million lei, compared to the previous year, due to “the decrease of the weight of the volumetric component in the regulated income from 30% to 25%, of the decrease of the volumetric component of the transport traffic estimated for 2020 and the estimation of smaller reserved capacities for 2020.”

However, the total revenues from 2020 will increase by 42%, to 3.65 billion lei, against the background of the advance with 259% of the revenues from the construction activity, but offset by the total expenses, which increase by 60%, to 3.52 billion lei, according to the BVC for 2020.

At the same time, “in view of the high investment effort from 2020-2021, Transgaz intends to request the advance recognition in the regulated income of 2020-2021, within the Capex component, of the investment expenses with the project Connecting the Black Sea (estimated value of investment: 360.4 million euro – 1,716.47 million lei),” is also shown in the document consulted by energynomics.ro.

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