News

Electrica lifts profit by 12% year on year in first quarter

Electrica

Published

May 16, 2016

Comments

0

Share

Published:

May 16, 2016

Comments:

0

Share

Romanian power supplier and distributor Electrica Group posted net consolidated profits of RON 142 million (EUR 31.5 million) in the three months through March, up by 12% from the same period of the previous year. According to the company’s press release, EBITDA was also increased by 12%, to EUR 57.3 million.

Operating profit in the first quarter was EUR 37.7 million, up 19% on an annual basis, operating revenues increased 6% to EUR 336 million, and operating expenses rose 5% to EUR 298 million. Revenues from the electricity distribution segment decreased by 10% primarily because of lower tariffs, and the operating expenses increased due to higher electricity purchase costs compared to the first quarter of last year, the statement adds.

“Despite major changes in the energy market, including the regulatory framework, Electrica’s financial results in the first three months of this year are very good,” the company’s CEO Iuliana Andronache said, according to the statement.

Electrica said it plans to invest EUR 185 million in infrastructure this year. In 2015, the group invested EUR 122 million, 56% less than initially planned. Last year, Electrica announced it set EUR 710 million for the period through 2018 in Romania.

Tags:

Related Articles

Renewables-Greece-get-shortcut-grid-connection-PPAs

Renewables in Greece get shortcut to grid connection with PPAs

23 April 2024 - Renewables projects in Greece with PPAs with energy-intensive industrial consumers get priority in the transmission grid connection queue

Brite Solar agrisolar panel plant Greece 2024

Brite Solar to complete agrisolar panel plant in Greece by end-2024

23 April 2024 - Greek startup Brite Solar is building a production line in Patras for transparent solar panels for agrivoltaic production

green wolt scotland floating wind farm

Green Volt, world’s largest floating wind project, obtains planning approval

23 April 2024 - The project has now received all its planning approvals and remains on track to be the first commercial-scale offshore wind farm in Europe

Solar-power-plants-North-Macedonian-industrial-zones-supply-exporters-EU

Solar power plants in North Macedonian industrial zones to supply exporters to EU

23 April 2024 - Solar power plants in industrial zones in North Macedonia will enable manufacturers exporting their products to the EU to avoid CBAM