Electrocentrale Bucharest logs profit

Last summer’s heavy drought brought profits to Romania’s main electrical power producer, Electrocentrale Bucharest, while the latest estimates were pointing to a negative balance in the accounts of Hidroelectrica and Nuclearelectrica. Because of the crisis that emerged in the Romanian power system in the second half of last year, cheap energy, produced in hydropower stations and Cernavoda nuclear power plant, was no longer used, making way for rising sales of expensive energy, produced in thermal power stations.

“Preliminary data show operating profit standing at about 1,000 billion ROL (26.6 million euros) and turnover worth about 24,000 billion ROL (639 million euros). Yet, these figures might still change as they are being audited,” Ioan Marcu, general manager of Electrocentrale Bucharest, the biggest branch of Termoelectrica, told Ziarul Financiar. According to Marcu, the audited results will be ready by the end of this year.

So far, Termoelectrica units had been generating losses in the entire power system because of obsolete facilities and high production prices. In 2002, Termoelectrica, which includes Electrocentrale Bucharest, reported $90 million losses and turnover worth 1.35 billion dollars.

Electrocentrale Bucharest, holding a 20% share of the domestic power production, was set up in the wake of Termoelectrica restructuring in late 2002. Termoelectrica is now made up of three branches (Electrocentrale Bucharest, Rovinari and Turceni) and of several subsidiaries: Doicesti, Borzesti, Braila, Galati and Paroseni.

The Electrocentrale portfolio will shrink after Craiova and Isalnita units are eliminated from the structure of the company.
adrian.mirsanu@zf.ro