Romanian power grid operator Transelectrica said its net profit rose by an annual 18% to 114 million lei, about 23 million euros last year.
The increase in profit was mainly due to reduced operational expenses, as well as an efficient management of resources available, the company said in a filing to the Bucharest Stock Exchange where it is a blue chip company.
Transelectrica’s total revenues dipped 1% on the year to 2.368 billion lei 2020, mainly determined by decrease of the operational revenues and also by a reduced quantity of transported electricity, Bursa reported.
„The context of 2020 was difficult because of Covid-19 pandemic, which (led to) a decrease in consumption both at local and European level. Nevertheless, in its capacity of Transmission System Operator Transelectrica has implemented measures meant to mitigate risks, providing activity continuity under safe conditions,” the company said.
Transelectrica invested 360 million lei in its infrastructure in 2020, 43% more than the year before.
Its total operating expense were up by 8% on the year to 969 million lei in 2020. Earnings before interest, taxes and depreciation rose 11% year-on-year to 437 million lei in 2020.
The company’s management took a prudent approach, reducing costs, analyzing the default risk and weighing other factors to guard against economic losses, Transelectrica said.
Electricity production and consumption decreased by 5% and 3.48%, respectively in 2020. Cross-border export of electricity increased by an annual 0.1%, while cross-border import flows registered a 23.1% annual rise in 2020.