The National Nuclear Power Company (SNN) registered a net profit of approximately RON 321 million in the first nine months of 2018, up 28.3 percent over the same period of the previous year. The operating income (EBITDA) increased by 13.11 percent to RON 798 million, mainly due to the 12 percent increase in operating income, influenced by the 11 percent increase in revenues from the sale of electricity.
The increase in operating expenses by 11.51 percent compared to the same period of the previous year, from RON 696.19 million to RON 776.29 million, occurred due to the increase in personnel expenses, according to SNN’s human resources strategy of attracting and retaining highly skilled workers.
The gross electricity production of the two Cernavoda NPP’s operational units was 8.33 million MWh between 1 January and 30 September 2018, of which 2.92 million MWh in the third quarter of 2018. From this gross output, the Technological Efficiency of the Units during operation as well as during the insulated outputs was 691,000 MWh between 1 January and 30 September 2018, of which 247,000 MWh in the third quarter of this year.
“Thus, the electricity produced and delivered to the National Power System (NPS) was 7.64 million MWh between January 1 and September 30, 2018, compared to the same period of 2017 (7.76 million MWh), representing a decrease of 1.55 percent, in the third quarter of 2018, the amount of electricity produced and delivered to the NPS was 2.67 million MWh, down 0.88 percent from the level recorded in the third quarter of 2017 by 2,69 million MWh,” shows Nuclearelectrica’s financial report.
The company also states that the lower value of the power factor installed at Unit 1 CNE Cernavoda reflects the planned stoppage effect with an effective duration of 786 hours, registered as of May 2, 2018, and which was finalized on June 4, 2018.
Nuclearelectrica’s revenues on the electricity market related to the deliveries from 1 January to 30 September 2018 amount to RON 1.52 billion, of which RON 349,218 represents redistributed revenues resulting from the balancing of the system, 1.3 percent higher than the revenues budgeted for the period January 1 – September 30, 2018, respectively 10.91 percent over the same achievements in 2017.
The price of electricity went up
The weighted average sales price for the quantities of electricity sold (without PE) resulting from the reference range is RON 194.03 / MWh, including Tg (Network Injection Rate – no), compared to RON 173.80 / MWh in 2017.
At the same time, the amount of electricity sold on the competitive market of bilateral contracts represented a percentage share of 82.2 percent of the total volume of traded electricity between 1 January and 30 September 2018, at an average sale price of RON 198.28 / MWh (with Tg included), up 21 percent compared to the same period in 2017, of RON 163.54 / MWh (with included Tg).
On the spot market (DAM and IP), between January 1 and September 30, 2018, a quantity of electricity was sold representing 17.5 percent of the total sales volume, compared to a percentage share of 23.8 percent recorded over the same period last year. The average sale price of the energy on the spot market (DAM and IP) made by SNN in the analyzed range was RON 173.97 / MWh (with Tg included), compared to RON 207.48 / MWh (with included Tg) , recorded in the same period of 2017.
As for SNN’s investments, their total value for 2018 is RON 244.87 million, excluding the component allocated to the debt service for long-term loans. Until September 30, 2018, investments reached 47.6 percent of the total, respectively RON 116.626 million.
SN Nuclearelectrica is under the authority of the Ministry of Energy, with the state holding 82.48 percent of shares, Fondul Proprietatea, 9.10 percent and other shareholders, 8.42 percent.
A component of SNN, the Cernavoda NPP Branch ensures the safe operation of Nuclear Units 1 and 2, each with an installed output of 700 MW. The two Cernavoda reactors provide about 20 percent of Romania’s energy needs.