Transelectrica’s net profit was 256 million RON in the first semester, down 3 percent compared to the same period in 2024, according to a report submitted to the Bucharest Stock Exchange.
The segment of activities with profit allowed recorded a result in the amount of RON 218 million in H1 2025, down by RON 99 million compared to the result in the amount of RON 317 million realised in H1 2024, as operating revenues decreased by RON 54 million and operating expenses (including depreciation and amortisation) increased by RON 45 million.
The decrease in operating revenues (RON 1,151 million at 30 June 2025 compared to RON 1,205 million at 30 June 2024) was mainly influenced by the decrease of RON 44 million in revenues from OTC transactions, the decrease in conjunctural revenues from breakdown aid (- RON 60 million) and OTC capitalisation (- RON 23 million).
Transmission and other energy market revenues recorded an increase of RON 73 million, respectively from RON 1,046 million in H1 2024 to RON 1,119 million in H1 2025, mainly influenced by the increase in the quantity of electricity and the tariff approved by ANRE, which led to an appreciation of regulated tariff revenues by RON 124 million (+16 percent) compared to the same period of the previous year.
The revenues from the allocation of interconnection capacity (RON +49 million) also increased, reaching RON 151 million in the period from January to June 2025 (from RON 102 million in the same period in 2024), an increase influenced by the price formation model based on supply and demand in Hungary and Bulgaria. The implicit allocations, where capacity and energy are provided simultaneously, are strongly influenced by changes in the price of electricity on European exchanges.
The 5 percent increase in operating expenses, including depreciation (RON 933 million in H1 2025 compared to RON 888 million in H1 2024) was mainly influenced by the increase in RET maintenance and repair expenses, personnel expenses, depreciation and amortisation and expenses related to system operation. The changes introduced by GEO 32/2024 have led to a gradual exit from the support scheme and a return to competitive market mechanisms. As a result, from 01.01.2025, the energy needed to cover the OTC has been procured in a proportion of around 50 percent through bilateral contracts, at a higher average price than during the same period in 2024.
The removal of the price-regulated MACEE mechanism, increased consumption and low temperatures in February, and lower hydropower generation have led to increased imports and higher energy prices in short term markets compared to the same period in 2024.
Thus, the average price of energy purchased from short-term markets between January and June 2025 was higher than the price in H1 2024.