The operating income decline was mainly due to the 40.9% decrease in income from the sale of electricity, determined by a 38.9% decrease in the weighted average price of the electricity sold during 1 January – 30 September 2024, compared to the weighted average price from the same period of 2023, considering the sale of a similar total amount of electricity.
„The amount of electricity sold by SNN in the first 9 months of 2024 on the competitive market decreased by 20.7%, compared to the similar period of the previous year, accounting for 45.48% of the total sold quantity (including imbalances), and the average sale price on this market decreased by 55% (price without Tg)”.
Operating profit (EBITDA) decreased by 28.1% compared to the same period last year, significantly influenced by a 38.9% decrease in sold electricity prices, for a similar amount of electricity sold.
The cost of the contribution to the Energy Transition Fund (CFTE) for the period 1 January – 30 September 2024 is of RON110,577 thousand (1 January – 30 September 2023: RON2,059,256 thousand), as a result of the decrease in sales prices for certain transactions below the regulated level for which the contribution is calculated and due.
Operating expenses, less depreciation and impairment and CFTE, increased by 36.1% during the period 01 January – 30 September 2024 compared to the same period of 2023. This increase is driven mainly by the increase in positive imbalance (surplus) expenses at negative prices in the balancing market, driven by the new invoicing mode introduced by CIGA.
The net financial result decreased by 25.9% due to the fact that during the period 1 January – 30 September 2024, net financial income was recorded, decreasing by 18.5% compared to the similar period of the previous year, as a result of the decrease by 31.5% in the interest income obtained. The main currencies with exposures are EUR and CAD.
The gross electricity production of the two operational units of Cernavoda NPP was 7,970,912 MWh for the first 9 months of 2024 (of which 2,792,692 MWh in the third quarter of 2024); from this gross production, the own technological consumption of the Units during operation, as well as during shutdowns ensured, from own production, was 660 thousand MWh in the first 9 months of 2024 (of which 238 thousand MWh in the third quarter of 2024).
The amount of electricity sold through the Centralized electricity purchasing mechanism under contracts on the spot market (DAM and IDM) as well as on the PE market is 7,470,549 MWh, 1.6% below the sales schedule, of 7,591,938 MWh (measured according to the production forecast, without estimating unscheduled shutdowns) and 3% lower than the amount of electricity sold in the first 9 months of 2023.
The quantities of electricity sold on the competitive market of bilateral contracts represented a percentage share of 16.47% of the total volume of electricity sold in the first 9 months of 2024, compared to a percentage share of 42.01% reported in the same period of 2023.
During the first 9 months of 2024, electricity amounting to 29.01% of the total sales value was sold on the spot market (DAM and IDM), as compared to 13.65% in the similar period of 2023. The average sale price of energy on the spot market (DAM and IDM) achieved by SNN in the first 9 months of 2024 was 395.77 RON/MWh (Tg included), as compared to 519.57 RON/MWh (Tg included) during the similar period of the previous year.
(English version by Catalina Apostoiu)