Electrica announced in 2010 it planned to tap the renewable energy market and was going to build three wind parks of 50 MW each. Meanwhile, the company revised its plan to include just two wind power projects and the investment was postponed when the power company was listed on the stock market.
One of the projects, in Frumusita, Galati county, eastern Romania, would require investments of EUR68.5 million (RON308.25 million) and the company invested RON8.37 million in it so far. The second project, a 48 MW project in Chirnogeni, Constanta county, southeast Romania, requires EUR90.5 million (RON407.25 million) and Electrica invested RON4.15 million so far.
Electrica said in a statement Thursday it plans to discard its wind project plans as legislative changes have made renewable energy production less profitable and the company plans to focus on its core electricity distribution and supply operations.
For 2015, Electrica has an investment budget of nearly RON860 million. It expects a turnover of RON5.662 billion and a net profit of RON460.7 million, from a turnover of RON5.044 billion and a net profit of RON401.4 million in 2014.
Electrica is a holding company for a group which comprises four electricity distribution subsidiaries, one supply company and three service firms. The Romanian government holds a 48.8% interest in Electrica. The next biggest shareholder is the European Bank for Reconstruction and Development (EBRD) with 8.66%.