Leaders of the pack are Romgaz (SNG.RO) and Electrica (EL.RO), each of which with more than RON2.4 billion. The minister-delegate for Energy is asking state-run companies to show ambition and start investments.
Gas producer Romgaz, electricity distributor Electrica, transmission companies Transgaz (TGN.RO) and Transelectrica (TEL.RO) along with Nuclearelectrica (SNN.RO) ended the first nine months of 2014 with RON7.7 billion cash in their accounts, 41% more than at the beginning of the year, according to ZF calculations.
Romgaz has RON2.88 billion cash and Electrica almost RON2.5 billion, 22% and over 62% of their market capitalization. Electrica’s cash reserves rose by 3.7 times since the beginning of the year, largely because of the RON1.9 billion raised from its initial public offering this summer, when the government sold 51% in the company.
In Romgaz’s case, the cash and other short-term financial assets went up from RON2.534 billion on December 31, 2013 to RON2.880 billion at the end of September 2014, because of the increase in the value of the natural gas production sold and paid for, according to the quarterly report of the company.
Nuclearelectrica had more than RON1.1 billion cash at the end of September, 29% less than at the beginning of the year.
“State-run companies need to be more ambitious in terms of investments because they have cash in their accounts. I mean companies like Nuclearelectrica, Electrica and Hidroelectrica here,” said minister-delegate for Energy Razvan Nicolescu, during an event organized by Fondul Proprietatea (FP.RO).
“It’s the managers’ job to propose profitable investments to shareholders. Electrica has an ambitious investment program of about EUR170 million a year. It has some interesting acquisition opportunities in Romania and in the region.”
(English version by Loredana Fratila-Cristescu)