Energy giants are cautious, seeing slight increases only for 2010

The most valuable state owned companies among which Hidroelectrica, Romgaz and Transelectrica, are extremely cautious when it comes to 2010 business estimates, according to the budget proposals published on the website of the Economy Ministry.

Therefore six of the biggest energy companies do not see revenues going up any more than 4% in 2010, given that most of them posted lower turnover last year as a result of the crisis. In all, Romgaz, Transelectrica, Hidroelectrica, CEN Turceni, Nuclearelectrica and Transgaz believe they will generate 13.7 billion RON (3.3 billion euros) revenues, but only two of these companies, that is Romgaz and Nuclearelectrica, estimate they will post higher net profits.

Therefore the six companies are betting on an overall increase in net profits by 10%, to 1.12 billion RON (275 million euros).

These companies are employing more than 25,000 people. Over the coming months, the energy sector will go through an extensive change considering the plan to reorganise the power production system by setting up two huge companies, Electra and Hidroenergetica, is taking shape.