Enel posts operational profit in Romania of EUR 289 million, up 25 percent
The Italian utilities company Enel operational profit in Romania amounted to EUR 289 million in 2013, up 25 percent from 2012, when it stood at EUR 231 million, Chief Financial Officer Luigi Ferraris declared at a conference dedicated to the presentation of the company financial report. 2014-03-13 12:25:46
"The operational profit in Romania went up EUR 58 million due to larger margins following the increase of electricity tariffs, the decrease of energy purchase costs, and the cuts in operating expenditure," Ferraris detailed.
The Italian company owns three former subsidiaries of the Romanian electricity distribution and supply company Electrica, covering Southern Muntenia, including Bucharest, Banat (western Romania), and Dobrogea (southeast).
Enel is also the country second producer of wind energy, second to Czech company CEZ; its projects have a total capacity of approximately 500 MW. According to reports of the National Energy Regulatory Authority (ANRE), Enel Green Power has a market share of 1.2 percent of the overall electricity production in Romania, while CEZ has 2.4 percent.
Moreover, within Enel′s international division, the operations in Romania and Russia were the only to stage sales increases.
"Sales in 2013 totaled EUR 7.7 billion, down EUR 966 million (11.1 percent) compared to 2012. The decline resulted from the diminished sales in Slovakia, due to smaller production, and in France, where we had a lower capacity. These factors were partly compensated by sales increases in Romania and Russia due to increases of the average selling prices of electricity," Enel officials asserted.
Also, the company official stated that Enel will invest EUR 6 billion until 2018 in the renewable energy sector, Romania included. "The group will continue to invest in renewable energy, planning investments of around EUR 6 billion during 2014-2018 of which EUR 5.2 billion will be put forth for the installation of new capacities on 16 markets where we are already present, the rest is to be invested in new countries and regions that we have identified and announced already such as Morocco, Turkey and South Africa," said Conti.
Enel holds a renewable energy production portfolio of 8,900 MW in 16 countries. The investment plan announced Wednesday by Enel will allow the company to hold 9,800 MW of renewable energy in 2014, 12,100 MW in 2016 and 13,400 MW in 2018.
In Romania, Enel is the second largest producer of wind power, after the Czech company CEZ, presently operating functional wind turbine parks with a capacity of around 500 MW.
By yearend, Italian electric utility company Enel hopes that it will be able to buy from the Romanian State the minority stake of 13.4 percent in the former branch of national electricity distribution and supply company Electrica SA, Electrica Muntenia Sud, Fluvio Conti, CEO of Enel said. "We have not negotiated yet on this issue with the Romanian State, but an expert is currently checking the value of the share package. We expect to end the transaction by the end of this year," Conti said. The Romanian State, via Electrica, holds 13.5 percent in the former Electrica Muntenia Sud and wants EUR 520 million for the minority stake in this company. In Romania, the Italian group holds three former Electrica energy supply and distribution units in the Muntenia Sud, Banat and Dobrogea areas.
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