Romania’s Transelectrica completes 870 mln lei (177.5 mln euro) power purchase deal

The purchase is for an estimated 1.625 million MWh of electricity sold at 450 lei/MWh and delivered between January 1, 2022 and March 31, 2025, Transelectrica said in a statement filed with the Bucharest Stock Exchange, BVB, on Wednesday.

The purchase price is regulated and not the result of contract negotiations.

Under a November government ordinance, energy producers must sell electricity at 450 lei/MWh to OPCOM, which will then resell it at the same price to energy suppliers that have end-consumers in their client portfolio.

Transelectrica is a majority shareholder in OPCOM, owning 97.84% of its shares, while the Romanian state holds the remaining 2.16% stake.

Transelectrica’s majority shareholder is the Romanian state, which holds a 58.69% stake in the company through the General Secretariat of the Government.

In 2021, Transelectrica booked a net profit of 449,891 lei, while turning over 3.7 bln lei and employing 2015 people, latest data from the ministry of finance shows.

In the first half of 2022, Transelectrica’s net profit slumped by 73% on the year, to 28 million lei, due to higher electricity prices.

Blue-chip Transelectrica’s shares traded 1.38% higher at 22 lei as at 1016 CET on Thursday on the BVB.

(1 euro=4.9023 lei)