National Power Grid Company Transelectrica, recorded a net profit of 264 million EON in the first half of 2024, up 63% compared to the same period of the previous year, according to a report submitted Wednesday to the Bucharest Stock Exchange.
The gross result increased from 179 million RON in the first six months of 2023 to 283 million RON in H1 2024, mainly due to the increase in the volume of energy priced at the tariffs approved by ANRE, revenues from CPT transactions (own technological consumption), revenues from CPT capitalization (non-monetary), revenues from breakdown aid, as well as from the recording of some conjectural revenues from other operating revenues which increased by 105 million RON.
"The gross result influenced by corporate income tax of 20 million RON resulted in a net result at the end of H1 2024 of 264 million RON, up from 162 million RON in H1 2023, mainly due to the activities with profit allowed," the report said.
Total operating revenues realized in the first half of 2024 increased by 113% compared to the same period last year to 4.685 billion, reflecting the significant impact of zero-profit revenues.
Total operating expenses (including depreciation and amortization) increased by 118% to 4.418 billion RON, in the context of the significant impact of the increase in expenses from zero-profit activities.
In H1 2024, the total amount of electricity priced for services provided on the electricity market (25.40 TWh) increased by 1.7% compared to the same period of 2023 (the difference between the two periods was 0.43 TWh).
The segment of activities with profit allowed recorded a positive result amounting to 317 million RON in the first six months of 2024, up from the result of 218 million RON achieved in H1 2023, as operating revenues increased by 21% (212 million RON), correlated with an increase in expenses (including depreciation and amortization) by 15% (113 million RON).
According to the source, revenues from zero-profit activities recorded a significant increase (+ 2.274 billion RON) from 1.207 billion RON in H1 2023 to 3.48 billion RON in H1 2024, mainly due to the increase in revenues on the balancing market (+ 2.211 billion RON) due to the prices recorded on the balancing market, concomitant with the slight appreciation of revenues from technological system services (+ 62 million RON), determined by the increase in the tariff approved by ANRE as of June 1, 2024, in the context of the 1.7% increase in quantity.
The segment of zero-profit activities also recorded a significant increase in expenses (+2.282 billion RON) generated by the increased amount of expenses on the balancing market.
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