Transelectrica's first-half results were negatively influencedby a series of energy producers' and suppliers' not paying theirdebts, and the company is still "in recession", maintains thecompany's general manager, Adrian Băicuşi.
The company, operating the national electricity transmissionsystem, reported losses of 58m RON (14m euros) in the first half,in line with Romanian accounting standards (RAS), against profitworth almost 9m RON in the similar period of last year.Consolidated results in line with IFRS, including the company'ssubsidiaries, point to losses of 67m RON (16m euros).
"At Transelectrica, we're still in recession. In the first sixmonths we were faced with arrearage in the energy department. Thelegislation did not allow us to block those suppliers that do notpay their debts," Băicuşi explained.
He added the positive trend of consumption and energy productionregistered in the first six months was not reflected inTranselectrica's result and in the volume of energy ittransmitted.
Transelectrica's main problem is still the high level of foreigncurrency-denominated loans, which triggered high financial lossesas a result of the RON abrupt decline against the euro in June.
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