The grid operator Transelectrica (TEL) announced yesterday at the Bucharest Stock Exchange a lower net profit by 33.4%, as tariffs diminished and exports dropped some 48.8%.

”Results decrease compared to the previous year, driven primarily by a diminished transmission tariff and reponderate between the two components applied to production delivered to the network and the consumption extracted from network amid an internal electricity consumption rising slightly and a reduced production rate determined by the decrease in exports of electricity,” TEL officials say.

Total revenue decreased by 5.6% year on year from 1,436 million lei Lei to 1,357 million lei, EBITDA declined by -16,4% year on year from 408 million Lei to 341 million lei, net income dropped 33.4% year on year from 198 million Lei to 132 million lei, states a release.

„The decrease in reported results was due to lower tariffs for electricity transmission, adjusted downwardly by ANRE and lower income from the allocation of cross-border transfer capacity, while maintaining a stable cost base; for the transport activity, the 01.07.2015-30.06.2016 tariff year ended with a profit in line with regulated profit, despite lower tariffs.”

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.