Romanian state-owned natural gas producer Romgaz achieved a net profit of €367.5 million in the first half of 2024, marking a 9% increase compared to the same period last year. However, the company faced several challenges during this period.
National gas consumption increased by approximately 1% year-on-year for the first six months of 2024, but Romgaz’s gas deliveries fell by 4.6%. As a result, Romgaz’s market share decreased by 2.5% to 45.31% by the end of June 2024.
Romgaz’s natural gas production rose by 4.34% year-on-year to 2.486 billion cubic meters. However, its electricity production declined by 9.41%, reaching 450.769 GWh, which is 46.810 GWh lower than in the same period of 2023. This production level gives Romgaz a 1.68% share of the electricity market.
Revenues from natural gas sales decreased significantly, totaling €650 million in H1 2024, down from €856 million in H1 2023. This decline was primarily due to lower gas prices. In Q2 2024, gas deliveries were 14.29% lower than in Q1, and revenues from gas sales dropped by 31.11%. From April 1, 2024, gas prices sold under GEO 27/2022 decreased by 20%, with these deliveries accounting for 65.11% of the total delivered quantity.
Revenues from electricity sales also fell, amounting to €36 million in H1 2024 compared to €40 million in H1 2023, driven by lower sale prices. According to GEO 27/2022, electricity sale prices decreased by 11.1%.
