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Ștefan Frangulea: Big energy suppliers make every effort to overcome the challenges

20 May 2022
Electricity
energynomics

Energy market players have shown resilience and the big players and especially the big suppliers are still in the market and they are making every effort to overcome the challenges, just so as not to unbalance the market, as has happened in other countries where major suppliers have gone bankrupt, said Ștefan Frangulea, Chief Financial Officer, Electrica, quoted by Financialintelligence.ro.

He claims that the ongoing dialogue with the authorities, under the umbrella of ACUE, will lead to the release of the amounts to be recovered and the other components of the support scheme.

“When we talk about the performance of the operators, it would be good to put things in perspective, in view of the context we are going through. In any difficult situation you need to see the positive aspects. Energy market players have shown resilience, the big players and especially the big suppliers are still in the market, and they are making every effort to overcome the challenges, just so as not to unbalance the market, as has happened in other countries where major suppliers have entered insolvency. In the supply segment, we recorded in the first quarter a net profit of RON 151 million and a positive EBITDA value of RON 187 million, through our work and effort and through the fact that we learned from the lessons of 2021.

”In Distribution, the negative impact was determined by the difference between the average purchase price of electricity for our Own Technological Consumption (CPT) and the value established by ANRE ex-ante, which generated additional costs of RON 384 million. This cost difference will be recovered in tariffs in the future period (in a period of up to 5 years starting with 31.03.2023), based on GEO 27/2022. This puts the performance of the distribution segment in a favorable perspective.

”So we pre-financed the support scheme and pre-financed the price difference at CPT level and I consider that, under the given conditions, we controlled quite well the impact related to the price difference, in addition it was a financing effort big enough for us to fulfill and investment plans,” said Ștefan Frangulea.

“We aim to implement the strategy set at the Group level and we have recently published a revised strategy. We want to accelerate the digitalization projects, the development of green energy production capacities, we look at the support schemes and also at the opportunities in PNRR, we focus on the objective of maximizing the newly installed and put into operation capacities.”

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