Romania's national electricity transmission company Transelectrica reported a 2020 net profit of 114 million lei, up 18% from 2019, according to a press statement released on Monday, as reported by AGERPRES.
In 2020, the company's gross profit increased by 60 million lei, from 107 million lei in January-December 2019, to 167 million lei in January-December 2020, mainly on cutting all operational costs, including depreciation, as well as on efficient management of the resources available in the company's accounts, according to Transelectrica officials.
The net profit reached 114 million lei in 2020, as against 96 million lei in 2019.
Total operating revenues achieved in 2020 recorded a slight decrease of 1% from the previous year (2.368 billion lei in 2020 as against 2.398 billion lei in 2019), mainly due to a decrease in operating revenues related to zero profit activities, but also to decreasing amount of electricity transmitted.
Total operating expenses (including depreciation) between January and December 2020 decreased by 4% from the same period of the previous year, to 2.198 billion lei.
Regarding the segment of activities with profit allowed from the main area of basic business (national grid transmission and dispatching), there was a decrease of 2% in revenues, mainly due to a decrease in the amount of electricity delivered to consumers.
At the same time, the average DAM day-ahead prices had a sharp downward trend (about 25%) since January 2020.
For the third consecutive time, Transelectrica obtained a Ba1 rating (Corporate Family Rating) with positive outlook from Moody's Investors Service, which translates by low business risk profile taking into account the company's strategic importance, by permanent improvement of the regulatory framework and the benefit given by the governmental support in case of financial difficulties.
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