In Q1 2019, Transelectrica experienced an improvement in profitability for profit-allowed activity, as compared to Q1 2018.
Profit-Allowed Segment: In the main area of core activities (National Power System transmission and dispatching) in Q1 2019, the company achieved better financial results compared to Q1 2018. The EBIT operational profit (profit before income tax and interest) was higher by RON 17 mn (+ 31%) compared to the previous year.
Transmission income grew by +6% amid the higher tranmission tariff (+ 7%) in Q1 2019 as compared to Q1 2018 and an increase in revenues from cross-border transmission capacity sales, these increases fully absorbing the decrease of national power consumption, reflecting in lower billed quantities (-2%).
Q1 2019 was a difficult one, characterized by high operating costs of the transmission system, particularly the costs of power procurement to compensate for technical losses in the grid (OTC). Despite the fact that the physical level of technical losses was lower than in the previous year (technical loss percentage 2.35% Q1 2019 versus 2.83% in Q1 2018), total power procurement costs were significantly higher (+RON
14 mn representing +21%) amid a substantial increase in the price of energy on the wholesale market (the average price paid by Transelectrica was over 50% higher, from RON 194 mn/MWh in Q1 2018 to RON 299 mn/MWh in Q1 2019).
Zero-Profit Segment: Q1 2019 recorded a temporary financial loss of – RON 28 mn versus temporary profit + RON 27 mn registered in Q1 2018. Thus, in Q1 2019, the revenues from technological system services were lower compared to the expenses related to the purchase of technological system services. Revenues from technological system services registered a decrease due to the decrease in the amount of electricity delivered to consumers and the tariff approved by ANRE for these services.
|M.U.||Q1 2019||Q1 2018||∆|
|Charged energy volume||[TWh]||14,68||15,00||▼ 2%|
|PROFIT ALLOWED ACTIVITIES|
|Total revenues||[RON mn]||317||300||▲ 6%|
|Average transmission tariff (achieved)||[RON/MWh]||18,03||16,85||▲ 7%|
|Transmission revenues and from other activities on the energy market||[RON mn]||290||272||▲ 7%|
|EBITDA||[RON mn]||144||130||▲ 10%|
|Amortisement||[RON mn]||72||76||▼ 4%|
|EBIT||[RON mn]||72||55||▲ 31%|
|ZERO PROFIT ACTIVITIES|
|EBIT||[RON mn]||(28)||27||▼ 205%|
|ALL ACTIVITIES (PROFIT ALLOWED AND ZERO PROFIT)|
|EBIT||[RON mn]||44||82||▼ 47%|
|Net profit||[RON mn]||38||68||▼ 44%|
|Net internal consumption||[TWh]||15,3||15,6||▼ 2%|
|Net internal production||[TWh]||15,0||16,8||▼ 11%|