Electrica SA registered gross aggregate profits of some RON 140 million (€42 million) in the first half of 2007, with its total business worth RON 3.01 billion (€903.38 million), six percent higher than H1 2006. Electrica Serv, its maintenance and repair division, also contributed to the aggregated results of the company.
Acquisitions of electricity on the Day Ahead Market at OPCOM, the Romanian power market operator, and on the regulatory market has lead to gross profit six times lower for Electrica Muntenia Sud.
"Electricity producers had deficits and Electrica Muntenia Sud did not have providers; in order to comply with contractual obligations it bought energy from OPCOM at much higher prices," Electrica SA Financial Manager, Constantin Chivulescu, told Business Standard.
Electrica Muntenia Nord was also affected by this deficit, with profits down to RON 40 million in H1 2007 from RON 60 million year-on-year. The total business of the four subsidiaries increased by 1-11 percent, according to Chivulescu.
