Enel Romania, the largest distributor and supplier of power in Romania, with operations in Banat, Dobrogea and Muntenia, including around Bucharest, made in 2013 an EBITDA profit of 289 million euros, up 25% compared to the one realized in 2012. Therefore, the EBITDA profit increased by 58 million euros, says the group, on account of higher energy prices.
At the group level, although revenue s fell by 5.2% to 80,5 billion euros, Enel posted last year an EBITDA profit of 17 billion euros, up 7.6% over the one realized two years, when it was 15.8 billion euros.
For the current year, Enel Romania expects to realize an EBITDA profit of 300 million euros, up by almost 4% compared to the one realized last year. Enel says it has budgeted for 2014 investments of about 100 million euros in Romania, but not in energy production.
Enel bought from the Romanian state, in 2005, the distribution and supply companies Electrica Banat and Electrica Dobrogea. Also, in 2008, the company took over the majority stocks in Electrica Muntenia Sud, which supplies energy to Bucharest. In total, Enel has 2.6 million customers in Romania.
Against Enel the Romanian state followed suit in Paris Court of Arbitration on failure to respect clauses investments in distribution networks when the networks were privatized to the utility company. One of those suits against Enel was lost by the Romanian state in November 2013.
Fulvio Conti, CEO of Enel, said Wednesday that the company wants to purchase by the end of this year the minority stock package hold by the Romanian state in former Electrica Muntenia Sud. Romanian state owns there a stake of 13.4%, but so far the negotiations have not started. Romanian State asks for the minority stake 520 million euros.