In the first quarter of 2023 (Q1), EBITDA at the level of the Electrica Group registered an increase of 220 million RON, reaching a positive value of 170 million RON, compared to the negative value of 51 million RON achieved in Q1 2022, Electrica Group announced. The impact was mainly generated by the operational performance of the distribution segment, due to the implementation of the MACEE centralized procurement mechanism, which led to a significant decrease in the costs incurred with the purchase of electricity for own technological consumption.
The net balance, however, remains negative, as for Q1 2023 a net loss of 67 million lei was reported, however, down from Q1 2022, when the value of this indicator was of 158 million lei.
According to the Emergency Ordinance no. 153/2022, between January 1, 2023 and March 31, 2025, the mechanism for the centralized purchase of electricity was established, with OPCOM being designated as the sole purchaser. Distribution operators buy from OPCOM, through an annual/monthly mechanism, 75% of the forecasted and validated quantity by ANRE at the price of 450 RON/MWh, and producers sell to OPCOM, through an annual/monthly mechanism, 80% of the forecasted and validated quantity by ANRE and Transelectrica at the price of 450 RON/MWh.
Given that the increased tariffs approved by ANRE for the distribution segment come into force from April 1, 2023, they are not reflected in the performance of the distribution segment in Q1 2023. The tariffs will be increased by approximately 20% (26.1% area North Muntenia, 21.5% North Transylvania area and 10.9% South Transylvania area), as a result of GEO 28/2023, and will have an impact between April 1, 2023 and March 31, 2024.
The first asset capitalized for the additional costs of purchasing electricity to cover CPT was registered on 30.09.2022, for the period January-September 2022, according to OMFP 3900/2022, and began to be amortized from the fourth quarter of 2022. The second asset capitalized was recorded on 31.12.2022 for the period October-December 2022 and began to be amortized from the first quarter of 2023, while the recovery through increased tariffs of the electricity price difference for CPT began on April 1, 2023, which influences the net result on the distribution segment.
“The financial performance of the Electrica Group in the first quarter of this year attests to our corporate robustness and the commitment we have to operational optimization and strategic adaptation in the context of fluctuating economic and legislative landscapes. This trajectory on an upward trend, obtained in an energy market still under the sign of unpredictability, stresses the commitment we have at team level to the sustainable evolution of the Group. As we shape our future plans, our strategy will continue to be supported by this agile approach, which will help us to adapt operations according to market conditions. At the same time, we will focus on promoting the sustainable growth of each business entity, our objective being to strengthen financial stability and increase operational efficiency in all business divisions, thus strengthening the existing portfolio and ensuring stable perspectives for the Electrica Group,” says Alexandru Chiriță, Electrica’s general manager.