At the same time, EBITDA posted a 6% increase, to RON614.7 million. The EBITDA growth was mainly driven by the operational performance of the distribution segment on the back of the increase in electricity distribution revenues by 15% to RON2.2 billion.
Operating profit was flat from H1/2023, at RON322 million.
“In the first half of the year, the Electrica Group recorded a 6% increase in EBITDA compared to the first semester of 2023, as a result of solid strategies aimed at optimizing operations, particularly in the distribution segment, where revenues increased by 15%, supported by higher regulated tariffs and the growth of distributed electricity volumes. Operational profit remains similar to that of the first semester of 2023; however, net profit recorded a decline due to the unfavourable dynamics of the supply market. We remain focused on our key priorities, investing in the modernization of the distribution infrastructure while maintaining a strong focus on implementing measures aimed at stabilizing results and generating sustainable long-term growth,” stated Chirita Alexandru-Aurelian, Electrica CEO.
On the distribution segment, revenues rose by 15%, to RON2.2 billion, mainly amid tariff increase.
Electrica mentioned the positive effect of this increase was doubled by the around 4.9% growth of electricity volumes distributed, as well as by the rising revenues recognized in accordance with IFRIC 12. The contribution of the electricity distribution segment to the Group’s consolidated revenue is 29.6%.
For the supply segment, the revenues from electricity and natural gas supply decreased in 2024 by approximately or 20.5%, to RON2.9 billion. The decline was mainly due to the effect of lower sales volumes in electricity by 3% and lower purchase cost for electricity by 49%.
The decrease in the cost of acquisition was seen in the forward and DAM markets. This decrease is also propagated in the decrease of the revenue from the sale of electricity and the decrease of the revenue from subsidies (by approx. 74% – electricity) because, according to GEO 27/2022, as subsequently amended, the final price to be invoiced to customers is represented by the minimum value between the capped price, the contract price and the final price calculated with the cost plus method (i.e. realized purchase cost + supply component). The contribution of the supply segment to the Group’s consolidated revenues is in the proportion of 69.7%.
As of 30 June 2024, the estimated amount for subsidies receivables was RON 2,461.5 mn. (31 December 2023: RON 2,614.5 mn.) of which the amount of RON 1,903.1 mn. represents unpaid requests submitted to the state authorities (of which RON 1,278.8 mn. represents the amount estimated to be received from the Ministry of Energy, respectively RON 624.3 mn. from the Agency County Department of Payments and Social Inspection) and RON 558.4 mn. representing requests that have not yet been submitted to the state authorities as of 30 June 2024.
In the period 1 July – 5 August 2024, subsidies amounting to RON 1,283.7 millo. were collected.
(English version by Catalina Apostoiu)