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Power supply and distribution company Electrica SA posted a loss of 157.8 million RON in Q1 2022, compared to 57.9 million RON worth of profit for the same period of the previous year, shows the Consolidated Report for Q1 2022 sent on Friday of the Bucharest Stock Exchange.
The company reports revenues worth 2.6 billion RON, up 52 percent year-over-year, amid an increase of 818.3 million RON in the supply segment and an advance by 97.5 million RON of the revenues from the distribution segment.
Power distribution revenues increased to 760 million RON, while revenues from the supply of electricity and natural gas were up by 818.3 million RON (+58.9 percent) to 2.207 billion RON. The change in revenues from the supply segment is mainly the net effect of the increase in retail prices by 116 percent and the 3.9 percent reduction in the amount of energy supplied, Agerpres.ro informs.
The cost of energy purchased for supply (including transmission and system services) increased by 1,260.7 million RON (+137.2 percent) to 2,179.3 million RON in Q1 2022, from 918.6 million RON in Q1 2021, mainly due to the rising prices on the electricity market and the limitation of the transfer of the price hikes to the final customer; thus, prices on Romania's spot market (day-ahead market) were by approximately 320 percent higher in Q1 2022 compared to the same period in 2021, the company said.
The green certificate purchase cost was 4.95 percent or 7,165 million RON up YoY.
Expenditures with the construction of electricity networks in connection with leasehold contracts increased by approximately 21.4 million RON (+24.6 percent) to 108.3 million RON.
Expenditures on wages and employee benefits registered an advance of 1.2 million RON (+0.6 percent) to 187.6 million RON in Q1 2022.
The Group's operating income (EBIT) decreased by approximately 252 million RON compared to the same period last year, resulting in a loss of 174.7 million RON, compared to an operating profit of 77.7 million RON in Q1 2021; the evolution of EBITDA was slightly impacted by the 2.4 million RON increase (+2 percent) in the depreciation expense, the cited source said.
In Q1 2022, the Group supplied approximately 2.3 TWh of electricity to 3.5 million consumption points (both in universal service and as a last resort and in the competitive market), representing an increase of 0.06 percent compared to the same period last year.
The Group's main activities are the operation and construction of electricity distribution networks and the supply of electricity and natural gas to final consumers, as well as the production of electricity from renewable sources. The Group is the electricity distribution operator and the main electricity supplier in the regions of North Muntenia, North Transylvania and South Transylvania.
