Two state-controlled energy companies in Romania — Romgaz and Nuclearelectrica — boasted record profits in the first quarter of this year helped by the high natural gas and electricity prices.
Romgaz sold 17% less gas in Q1 this year compared to the same period of 2021 and its production decreased by 0.3% y/y, but the company, a producer and supplier of natural gas controlled by the Romanian state, reported record financial results in the first three months of the year amid unprecedented price increases in the energy market.
The strong results were in line with expectations. The net consolidated profit of Romgaz Group increased by 111% y/y to RON980mn (€196mn ) in the first quarter of the year, according to the financial results sent to investors.
The consolidated net profit per share was RON2.5, for a price of RON 43.25 per share on May 13.
The company's turnover amounted to RON3.93bln, 196% more compared to the first three months of 2021.
Nuclearelectrica, which operates Romania’s nuclear plant located at Cernavoda, announced that its net profit rose to RON819mn (€162mn) in Q1, 3.5 times more compared to the same period last year.
Total revenues rose by 165 y/y to RON1.86bn, largely due to higher electricity prices in the last year, as the nuclear power plant’s output was roughly flat.
The revenues were 26% higher than the target.
The gross electricity production of the two operational units of the Cernavoda nuclear power plant was 3.02 TWh in Q1 this year.
The average price of the electricity sold under bilateral contracts (81% of the total, in Q1, 2022) rose by 127.5% y/y to RON563 (€115)per MWh while the average price of electricity sold on the spot market (19% of total) soared four times y/y to RON1,068 (over €200) per MWh, in the first quarter of this year.