November 11 (SeeNews) - Nuclearelectrica, the operator of Romania's sole nuclear power plant (NPP) Cernavoda, said on Friday that its net profit soared to 1.94 billion lei ($394 million/397million euro) in the first nine months of 2022, compared to 640.6 million lei in the like period of 2021, driven by higher energy prices.
Operating profit soared 126% year-on-year to 2.65 billion lei as of end-September, mainly as a result of the increase in operating income by 124.6%, influenced by the increase by 128.4% in the income from the sale of electricity, Nuclearelectrica said in an interim financial statement filed with the Bucharest Stock Exchange, BVB.
Operating revenues soared 125% on the year to 4.9 billion lei in the first nine months of 2022, mostly due to a 138% surge in the weighted average price of the electricity sold during the period.
Nuclearelectrica generated about 7.41 million MWh of electricity in the first nine months, down 2.1% on the year.
Electricity sales revenues rose to 4.83 billion lei in the first three quarters of 2022, from 2.11 billion lei in the same period of the previous year.
The company invested 422 million lei in the first nine months of the year, representing more than half of the 609 million lei allocated for investment this year.
Nuclearelectrica' net profit rose 45.5% on the year in 2021 to 1.02 billion lei.
On Thursday, Fitch Ratings said it has affirmed Nuclearelectrica's Long-Term Foreign-Currency Issuer Default Rating (IDR) at 'BBB-', with a negative outlook.
On Wednesday, the United States has committed to provide Romania with $3.05 billion (3.05 billion euro) financing for the construction of Units 3 and 4 at the Cernavoda nuclear power plant, operated by Nuclearelectrica.
According to Romanian prime minister Nicolae Ciuca, the project for Units 3 and 4 is structured in three phases. "The first phase – the preparatory stage – will be completed by the end of the first quarter of next year. The second phase, of preliminary work, will start in March/April 2023 and will be completed in the third quarter of 2025. The third phase, of actual construction of the two reactors, will end in 2030," Ciuca said in a social media post on Wednesday welcoming the U.S. initiative on Wednesday.
The Cernavoda plant, located in southeastern Romania, has two reactors of 700 megawatts each, which meet roughly a fifth of the country's electricity needs. The Romanian state owns 82.49% stake in the company.
Nuclearelectrica shares traded 2.50% higher at 43 lei by 0921 CET on Friday on the BVB.
(1 euro =4.8919 Romanian lei)
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