Acasă » Analyses » Financial results 2023: Electrica and Transelectrica mark growth, Romgaz and Transgaz – decrease

Financial results 2023: Electrica and Transelectrica mark growth, Romgaz and Transgaz – decrease

1 March 2024

The Electrica Group recorded a net profit of 620.4 million lei in 2023, up by 61.6 million lei (plus 11%). The result was generated mainly as a result of the performance of the distribution segment, in the context of the decrease in electricity costs to cover CPT (own technological consumption), as a result of the implementation of the MACEE centralized purchase mechanism, according to which producers have the obligation to sell 80% from the energy available at a price of 450 lei/MWh, impact lessened by the increase in the volumes of electricity needed to cover losses in the network.

In 2023, EBITDA (profit before interest, taxes, depreciation and amortization) at the level of the Electrica Group registered an increase of 27.1%, respectively 369.8 million lei, reaching a value of 1.732 billion lei, compared to the value of 1.363 billion lei achieved in 2022.

The operating profit registered an increase of 22%, up to a value of 1.011 billion lei, due to the positive impact of 688.6 million lei generated by operational expenses, an impact diminished by the decrease in operating income by 506.4 million lei.

For its part, Transelectrica ended 2023 with a net profit of 219 million lei, down 57% compared to the one obtained the previous year.

The net result at the end of 2023, in the amount of 219 million lei, registered a decrease of 296 million lei compared to the one recorded in the same period of the previous year, mainly due to the fact that in the current year no income was recorded from the capitalization of CPT (own technological consumption) at the level of the amount from the similar period of the previous year (13.8 million in 2023 vs 338.5 million in 2022). This special income was constituted for the part of the total CPT cost that was not covered by the transport tariff. We specify that this income is of a non-monetary nature, its collection will be realized by the company in stages through the transport tariff in the next five years (2023-2027), in accordance with the relevant legislative provisions.

In 2023, Transgaz registered a gross profit of 198.679 million lei, 238.795 million lei lower (-55%) compared to the previous year, while the net profit was 159.962 million lei, down by 205.793 million lei ( minus 56%).

At the Group level (Transgaz, Eurotransgaz and VestMoldTransgaz), the net profit was 172.387 million lei (minus 50%), and the income from the exploitation activity was 1.785 billion lei (plus 13%).

At the same time, Romgaz recorded business decreasing by around 33% in 2023, of 9 billion lei. Net profit amounted to 2.81 billion lei, up 10.4%. The estimated natural gas production for 2023 was 4.78 billion cubic meters, 147.4 million cubic meters less than the production achieved in the previous year (-3%).

The decrease in turnover comes from the 31.31% decrease in revenues from the sale of natural gas, both from Romgaz production and those purchased for resale, and from the decrease in revenues from the sale of electricity by 69.41%.

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