Transelectrica profits tumble to €9.8 mln

Transelectrica's turnover amounted to €517.39 mln at the end of Q3 2007, 10 percent higher than the €470.06 mln worth of business posted in January-September 2006.

According to Transelectrica officials, the higher expenses were due to a decision by the National Authority for Energy Regulation (ANRE) to increase prices for the acquisition of energy. Thus, prices were 38 percent higher in January-July 2007 year-on-year. Furthermore, because of this year’s severe drought, the company was obliged to purchase energy at prices nine times higher than expected. According to ANRE regulation, the company will only be able to recover these expenses in one year.

Transelectrica's net profits for H1 amounted to €16.3 mln, or half of the profits posted in the first six months of 2006, while total income was 5.8 percent lower year-on-year, at €325 mln.