Transelectrica projects declining revenues and 62 pct lower profit in 2015

Transelectrica's General Meeting of Shareholders approved the 2015 revenue and expense budget which includes forecasted revenues of 2.67 billion lei, down 7 percent compared to the results anticipated for 2014.

Total expenses are expected to grow by 3 percent this year to 2.5 billion lei, with operational expenses advancing by 3.2 percent against the estimations for the past year, while financial expanses are foreseen to drop by nearly 3.8 percent year-on-year.

Hence, the Romanian transmission and system operator, projects a gross profit of 170 million lei which leads to a net profit of 138 million lei, down 62 percent versus the 2014 anticipated achievements.

During the same meeting, Transelectrica's shareholders also approved the investment programme corresponding to 2015, as well as the estimated investment expenses for 2016 and 2017.

According to the company's investment plan for the current year, the total investment expenses will amount to nearly 492 million lei, of which almost 283 million lei will be destined to actual investments. 

Thus, the funds will be allocated to the refurbishment or modernization of the vital nodes of the Electricity Transmission Grid, the electric substations, to the development of the high voltage Overhead Lines network, to the enhancement of the ETG in view of integrating the new producers in the Romanian Power System, to the development of the ETG interconnection capacity, as well as to development and modernization of its protection and security infrastructure, and to the modernization of the IT and telecommunications infrastructure.

For the coming two years, Transelectrica projected investment expenses of more than 1.7 billion lei (equally shared), whereas the actual investment expenses by objectives come to 376 million lei in 2016 and to nearly 409 million lei in 2017.