Thus, DEE Transilvania Sud and SDEE Muntenia Nord will be absorbed by SDEE Transilvania Nord.
Electrica is the leading national operator of electricity distribution networks and covers 18 counties in three geographical areas, representing 40.7% of Romania’s territory.
The three distribution companies within Electrica Group manage 198,988 km of power lines and serve approximately 3.8 million end-consumers.
The merger is part of Electrica Group’s strategy for the 2019-2023 period.
End-March 2020, Electrica approved the merger of its two energy services companies, namely, Filiala de Întretinere si Servicii Energetice Electrica Serv SA (FISE) and Servicii Energetice Muntenia SA (SEM), respectively. End-May 2020, Electrica Board approved in principle the merger of its three distribution companies, part of its strategy to become an integrated electricity and service provider.
Electrica posted revenues of RON3.2 billion in the first half of 2020, up 3.2% on the year, and a net profit of RON189 million, up 74% on the year.
Electrica is 48% owned by the Romanian state and the European Bank for Reconstruction and Development (EBRD) holds 5%.