ELCEN posted a net profit of RON30 million last year, down 41% from RON51 million a year before, due to the gas price increase, general manager Gabriel Igant said.
According to Ignat, ELCEN Bucuresti is considering expansion on heating supply market in other Romanian cities and plans partnerships with other companies, independently from the merger with heating distributor RADET.
At the same time, the company targets investments in electric power storage units, to boost its earnings.
ELCEN will merge with its main debtor, heating distributor RADET. Ahead of the merger, ELCEN was split and transferred part of the assets to two newly-established companies, Electrocentrale Constanta and Electrocentrale Titan, while the remaining company will merge with heating distributor RADET.
After the splitting, ELCEN owns thermoelectric power plants Vest, Sud, Grozavesti, Progresu and Uzina de Reparatii, as well as other assets.
Electrocentrale Constanta owns thermoelectric power plant Palas and the thermal power transport network for Constanta city, as well as other assets of ELCEN. Electrocentrale Titan owns thermoelectric power plants Titan and Fantanele, as well as other assets of ELCEN.
RADET has RON3.58 billion debts to ELCEN, while ELCEN has RON570 million debts to banks.
ELCEN was established in December 2002, as a unit of power producer Termoelectrica, and is currently owned by the Economy Ministry, with a 97.51% stake. It is the biggest thermal power producer in Romania (40%) and Bucharest (90%) and one of the major electric power suppliers in the country (4.8%).