November 29 (SeeNews) - Romanian power grid operator Transelectrica [BSE:TEL] said that it will invest 51.6 million lei ($11 million/10.5 million euro) in upgrading a transformer station in the capital Bucharest.
The investment includes boosting the 110 kV and 10 kV stations as well as improving the quality and safety of the energy transportation service, according to an announcement from Transelectrica in the public acquisition system SEAP from Sunday.
"As part of the investment work, two units of 250 MVA 400/110/20 kV transformers will be installed, which will increase the power at the level of the Bucharest South station and make the supply scheme more flexible through the direct connection between the 400 kV and 110 kV stations," the company said.
Earlier this month, Transelectrica said that its nine-month net profit increased fivefold on the year to 418 million lei, due to higher transport tariffs and interconnection revenue in the context of the decrease of electricity quantity delivered to consumers.
In October, Transelectrica announced that it has signed 424 million euro ($444 million) worth of non-refundable financing contracts under the EU's Modernisation Fund for projects for the development of the national grid infrastructure.
Blue-chip Transelectrica's shares last traded at 20.6 lei as at 0938 CET on Tuesday on the Bucharest Stock Exchange.
(1 euro=4.9266 lei)
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