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Transelectrica has to recover arrears of over RON 67 M. Oltenia EC, RCS & RDS - the biggest debtors

Transelectrica, poor result in 2017: Profit down by 90pc

The National Electricity Transmission Company, Transelectrica, registered a preliminary profit of about RON 26 million in 2017, down by about 90% as compared to 2016.

According to a press release, the poor result was influenced by the reduction of the transport tariff by 10% and by the rising energy prices.

Corina Popescu, Chief Executive Officer of Transelectrica, considers that “it is vital for Transelectrica to develop an investment-oriented vision, to substantially improve the investments and to make every effort in this direction.”

The negative EBITDA performance was mainly influenced by the 10% decrease in the transport tariff due to the recording of certain depreciative adjustments of certain receivables and the increase of the electricity purchase prices on the wholesale market for covering the own technological consumption in the transport network.

The Transelectrica Directorate announced at the meeting with financial analysts and investors the start of a reorganization process based on an investment-oriented strategy that will transform the company into a sustainable and predictable one.

In 2017, new investment contracts worth RON 252 million were signed, with investment expenses amounting to RON 179 million and the value of the new immobilized assets of RON 205 million.

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