CEZ ended 2016 with losses of almost RON 230 M in Romania

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CEZ Group, the biggest Czech electricity producer, recorded last year losses of RON 229 million on Romanian market, after a negative result of RON 410 million in 2015, although it has increased its operational gains, the company’s officials announced.

“The losses were caused by the fact that the provisions have lowered, but also because of the authorities’ postponement of the green certificates collecting, amounting to RON 150 million”, Jan Dubsky, Chief Financial Officer CEZ Romania said.

Decreasing the level of losses was due to wind power production, the company also added.

However, CEZ reported a profit before interests, taxes, depreciation, and amortization (EBITDA) of RON 466.2 million in Romania, up by 8 percent compared to 2015.

According to Martin Zmelik, CEO CEZ Romania, these positive results were mostly influenced by the evolution of the energy generation activity, company representatives explained. In terms of net profit, the Czech group ended last year with a RON 1.8 million increase year-on-year.

Czech electricity player produced 1,159 GWh of electricity in its wind farms in Romania and delivered 6.381 GWh through its distribution division, down 0.5 percent year-on-year.

Energy consumption is increasing in Bucharest and across the country, but Dobrogea – where wind farms are – is no longer of interest to foreign investors.

In 2016, the turbines of Fantanele Wind Farm generated 675 GWh, making CEZ Group in Romania the largest private producer of renewable energy in Romania. The turbines of Cogealac and Gradina Wind Farm generated a total production of 484 GWh, obtaining 409,603 GC’s.

 

 

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