National electricity distribution company Transelectrica in the first three quarters of the year generated net income worth 27.7 million euros, 151% higher on the corresponding period of last year.
The company reported turnover worth 219.1 million euros, 44% higher than last year, as Transelectrica is preparing to float a stake of up to 10% on the Bucharest Stock Exchange by yearend.
"Turnover growth during this period was mainly due to the higher quantity of electricity distributed," Ion Merfu, the general manager of Transelectrica, told Ziarul Financiar.
The electricity distributor is carrying out a major investment programme worth 375 million euros during the period 2005-2007, in order to modernise the power transportation infrastructure. About 150 million euros will be earmarked by the end of this year.
These funds will be targeted towards the construction and development of infrastructure serving the electricity market; the retooling and modernisation of the high voltage network through the establishment of some conversion stations in line with norms of the Union for the Coordination of Electricity Distribution (UCTE), an organisation the company joined in 2003; and the development of the high-voltage network through interconnection lies. The company plans to create and develop the new NB trading platform for the inclusion of the power market infrastructure (the energy bourse). The project is carried out the basis of financing released by the World Bank and has as its deadline the year 2006.
By 2008, a number of 11 electrical conversion stations will be built in line with UCTE norms (those in Constanta, Oradea and Slatina have already been finalised), while another 11 stations within the command-control-protection system will be modernised. 400kV interconnection lines are currently in place between Oradea, Nadab and Bekecsaba (Hungary).
Plans for the future include the development of the Nadab-Arad network, as well as the consolidation of the Moldova 400kV axes, and the Gadalin-Suceava (Romania)-Balti (Moldova) interconnecting line.
Recently, Transelectrica has proved its interest in establishing an interconnection line with Serbia, between Timisoara and Vrsac.
Major investments are expected be carried out by the Serbian side, added the general manager of Transelectrica.
The company, part of the state''s portfolio through the Economy and Trade Ministry, will this year float 10% of its stock through a capital increase on Bucharest Stock Exchange. There are about 7.3 million shares with a face value of 730 billion RON (20.2 million euros).
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