The state made half a billion euro from energy

Romgaz and Transgaz are the most profitable state-owned companies on the energy market, but the highest growth is in the private sector, where Austrian OMV group owned Petrom is expected to report a net profit of some €504 mln, according to its 2007 budget.

The most profitable state-owned company was natural gas producer Romgaz Medias, which posted gross income of some €250 mln, 22 percent higher year-on-year. Company officials estimate that turnover for 2007 will amount to some €978.8 mln.

Natural gas transporter Transgaz Medias, recently listed on the Bucharest Stock Exchange (BVB), posted gross profit of €67.12 million, 5.7 percent lower than in 2006, while turnover increased by 14.2 percent, to RON 1.038 billion (€311 mln).

Romania’s top electricity producer, Hidroelectrica, comes third, with profit worth RON 112 million (€33.56 mln).

The Rovinari energy plant is fourth, estimating gross profit of RON 106.8 million (€32 mln), more than double year-on-year.

Electrica, the largest electricity distributor, is expecting gross income of over RON 100 mln (€29.96 mln) in 2007, while electricity transport company Transelectrica’s profit dropped to RON 50.3 million (€15 mln).