Acasă » Electricity » Nuclear » Romgaz, Transelectrica and Transgaz report declining profits in H1, SNN up by 12%

Romgaz, Transelectrica and Transgaz report declining profits in H1, SNN up by 12%

17 August 2021
Bogdan Tudorache

Romgaz reported a net profit down by almost 5% (4.89%) in the first half of this year (H1), compared to last year’s similar period. Thus, the company’s net profit stood at 761.6 million lei and EBITDA (profit before interest, tax, depreciation and amortization) decreased by 2.27%, despite an increase in gas consumption of approximately 8% and of deliveries – by 23.7%, according to the company’s report consulted by Energynomics.

At the same time, natural gas production increased by over 12%, and Romgaz’s market share rose by 8.6% – to 53%. On the other hand, Romgaz’s electricity production decreased by 31%, but at a market share of only 0.67%.

Among the effects that negatively influenced Romgaz’s profit were “the increase in the price of greenhouse gas emission certificates, which had a net negative effect on the result of the first half of 70.8 million lei” and a higher oil royalty by 78 million lei – compared to H1, 2020. At the same time, the turnover in gas storage decreased by 27 million lei.

Transelectrica reported a decrease in net profit of 10.34% and in EBITDA of 9.96%, despite operating revenues increasing by 30%. Thus, “the net profit registered a decrease in the analyzed period, reaching 104 million lei in H1 2021, compared to 116 million lei registered in H1 2020”, it is shown in the company’s report, consulted by Energynomics. Operating expenses increased by 44%.

“Between January and June 2021, the total amount of electricity charged for services provided on the electricity market (28.28 TWh) increased by 7.7% compared to the same period of 2020 (the difference between the two periods being +2TWh).”

Transgaz also registered a decrease in net profit in H1, by 43.6%. The turnover decreased by 6.15%, from 851 million lei, to 798.79 million lei, during the mentioned period. The volume of transported gas increased by almost 12%, and investments decreased by about 47%.

In contrast, Nuclearelectrica (SNN) recorded an increase in net profit of 12.28%, despite a decrease in production of over 11%. The increase in profit was due to the increase in operating income by 16.9%, revenues from the sale of electricity being 15.7% higher – amounting to 1.339 billion lei in H1, 2021. The increase in operating income was “determined by the increase by 21.2% of the weighted average price of electricity sold in the first half of 2021 compared to the weighted average price in the same period of 2020, given the sale of a total amount of electricity smaller by 4.6%,” says the company report for the Stock Exchange.


Autor: Bogdan Tudorache

Active in the economic and business press for the past 26 years, Bogdan graduated Law and then attended intensive courses in Economics and Business English. He went up to the position of editor-in-chief since 2006 and has provided management and editorial policy for numerous economic publications dedicated especially to the community of foreign investors in Romania. From 2003 to 2013 he was active mainly in the financial-banking sector. He started freelancing for Energynomics in 2013, notable for his advanced knowledge of markets, business communities and a mature editorial style, both in Romanian and English.

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