Romanian electricity transmission system operator Transelectrica recorded a net profit of €52.8 million in the first half of 2024, marking a substantial 63% increase compared to the same period last year. This growth was driven by improved results in its allowed-profit activities, which posted a positive outcome of €63.4 million, up from €43.6 million in H1 2023.
Operating revenues for Transelectrica rose to €241 million in H1 2024 from €198 million in H1 2023. This increase was largely attributed to a 1.7% rise in the volume of charged electricity, calculated at tariffs approved by the National Energy Regulatory Authority (ANRE), as well as higher revenues from over-the-counter (OTC) transactions and other operating sources.
However, interconnection revenues fell significantly, dropping from €36.2 million in H1 2023 to €20.4 million in H1 2024. This decline reflects fluctuating demand and utilization rates of interconnection capacity by market traders, with prices evolving in response to market conditions.
Operating expenses increased by 15% to €177.6 million, up from €155 million in the previous year. Costs for electricity purchases to cover own technological consumption rose by 13% to €59.2 million. Transelectrica adhered to GEO 153/2022 (for January-March 2024) and GEO 32/2024 (for April-June 2024), purchasing electricity to cover 75% of the validated forecast from the Centralized Electricity Purchase Mechanism (MACEE) at a regulated price. The average price of energy purchased from the Day-Ahead Market (DAM) in the first half of 2024 was lower than in the same period of 2023, but still higher compared to previous years.
The segment of zero-profit activities reported a negative result of €10 million for H1 2024. This segment is subject to regulatory mechanisms that adjust for revenue excesses or shortfalls relative to necessary expenses.
Investment expenditures reached €47.4 million in H1 2024, a 16% increase from €40.7 million in H1 2023.
During the first half of 2024, net domestic electricity consumption increased by 2%, while net electricity production decreased by 8%.
