The result was generated mostly by the performance of the supply segment and also by the implementation of the new regulations regarding own technological consumption, against the background of an increase in the unit price of electricity and the existing deficit in the European Union.
“The financial performances recorded by the Electrica Group in 2022, an atypical one for the energy market, and not only, are the result of a continuous process of optimization and adaptation to economic and legislative developments. In the next period, we will continue the process of adapting our activities and strategy to market conditions, at the same time counting on sustainable growth of the companies in the Group, so that we can ensure the financial stability and efficiency of all the business lines we own in portfolio,” said Alexandru Chirita, General Manager of Electrica.
Revenue from the supply of electricity and natural gas increased by RON2,413.6 million, mainly from the net effect of the increase in retail prices by 53% and a slight increase of 8.7% in the amount of energy supplied on the retail market. Revenue from subsidies amount to RON2,687 million, without having a corresponding value in 2021, because of the implementation of the electricity and natural gas price ceiling mechanism.
Revenue from the electricity distribution segment increased by approximately RON665.8 million, or 24.4%, in 2022, to RON3,396.6 million, from RON2,730.8 million in 2021, mainly from the effect generated by the RON110.9 million increase in revenue recognized in accordance with IFRIC 12 (respectively the recognition of network investments in connection with concession agreements), to which the increase in distribution tariffs and the decrease in the volumes of distributed electricity were added, with a net impact of RON554.9 million, or 24.9%.
Revenue from the production of intangible assets, in the amount of RON989.3 million, are recorded in the year 2022 without having a corresponding value in the year 2021 and represent the capitalization of the additional cost with the purchase of electricity made in the year 2022, in order to cover the current CPT of the costs included in the tariffs approved by ANRE for the year 2022.
On the supply segment, the net profit stood at RON261 million in 2022 (compared to a loss of RON390 million in 2021) and positive EBITDA of RON390.9 million (compared to a negative value of RON439.7 million in 2021), mainly as a result of an increase in revenue against the backdrop of an increase in electricity sales prices, in conjunction with internal efforts to mitigate risks regarding the purchase of energy required for resale and to control operational costs.
On the distribution segment, the result recorded in 2022 represents a net profit of RON308 million and positive EBITDA of RON1,017 million (RON372 million in 2021), a significant positive impact resulting from the capitalization of additional costs with the purchase of electricity to cover consumption technological property (CPT), in the form of revenue from the production of intangible assets in the amount of RON989.3 million, for the January 1, 2022 – December 31, 2022 period.