According to the 2014 budget, the company’s net profit is estimated at 27.9 million lei (EUR6.2 million), 15-fold lower compared with RON417.3 million in 2013.
In 2014, overall revenue is expected to fall 21% on the year to RON1.82 billion, while total expenditure is predicted to rise 1.7% to RON1.78 billion.
Nuclearelectrica’s overall revenue rose 21.6% in 2013, to RON2.05 billion, while expenses rose 5% to RON1.6 billion.
Nuclearelectrica said that the company’s revenue and expenditure budget was drafted considering the current market condition and the evolution of the electricity consumption, as well as the electricity volume and prices on the regulated market,”.
Electricity production is expected to reach 10.5 million megawatt hours, of which 3.74 million MWh will be sold on the regulated market.
Nuclearelectrica recently filed a legal complaint against Romania’s energy watchdog ANRE for forcing the company to sell electricity to households at regulated tariffs, which are below market prices.
In Tuesday’s meeting, shareholders approved the participation of the company with RON8.9 million to the share capital hike of Hidro Tranita, the project company to build Tarnita-Lapustesti hydropower plant in Cluj county.
Shareholders also decided that the assets of reactor 5 at the nuclear power plant in Cernavoda, whose construction was ceased, should be used for the existing reactors, as well as for the third and fourth rectors that the government plans to build. The costs of the operation are estimated at EUR28.3 million.
Shareholders also approved the agreement in principle on building an underwater electric cable between Romania and Turkey, passed by the board of directors, and the participation of Nuclearelectrica with EUR2 million in setting up the project company HVDCC Romania – Turkey.
Nucleareletrica is controlled by the state, through the Energy Department. The company operates two 700-megawatt reactors at its Cernavoda plant, covering around 18% of Romania’s energy consumption.
Wednesday, Nuclearelectrica’s shares traded 1% higher at RON9.1 in Bucharest. (EUR1=4.4990)