The company’s sales fell 35.1% in the analyzed period to RON568.3 million (EUR129.6 million), mainly due to a decrease by RON317 million of the revenues from the balancing market.
The balancing market ensures equilibrium between electricity generation and consumption, in real time and in a competitive system, and it is a non-profit operation for Transelectrica. Thus, the balancing market expenses fell by a similar amount, and the company’s operating costs were down to RON469.6 million in January-March, from RON818.8 million in the year-ago period.
The power grid operator reported an operating profit of RON108.3 million, from RON67.9 million in the first quarter of 2012.
For the whole of 2013, Transelectrica forecasts a pretax profit of RON44.6 million, down 5% on the year. The company expects total revenue will rise to RON2.86 billion in 2013, from RON2.76 billion a year earlier. Overall costs are seen up to RON2.81 billion, versus RON2.68 billion in 2012.
Romania’s Economy Ministry owns 58.69% in Transelectrica, while investment funds Fondul Proprietatea (FP. RO) and SIF Oltenia (SIF5.RO) hold stakes of 13.5% and 6.3%, respectively.
Transelectrica opened up 2.8% at RON13.05 a share in Bucharest, amid a rising market. (EUR1=RON4.3311)