Nuclearelectrica registered a net loss of RON 37.8 mln in H1 on lower electricity sales

State-owned company Nuclearelectrica registered a net loss of RON 37.8 million in the first half of the year because of the extention of the closure period for Unit 1 CNE Cernavoda for maintenance works, the revenues from energy sales and the prices evolution on the competitive market segment and the negative influence of the net differences between the exchange rates.

The revenues from energy sales dropped by 9 percent mainly because of the planned closure of a nuclear reactor, for 51 days compared with the normal approximated period of 30 days. This lead to e drop in the energy quantity sold with 7.09 percent (approximately 367 GWh).

Nuclearlectrica announced since 2015 that in the first semester of 2016, the Unit 1 will be stopped for maintenance.

The negative effects regarding this operational activity for the first semester of this year were anticipated since 2015 and the budgets corresponding for 2016 were in the responsibility of the Administration Council and the executive board.

In the first semester of the year the quantity of sold energy based on regulation contracts on the free market and the balancing market was 4.8 million MWh, with 1.4 percent over the sales program of 4.7 MWh.

The revenues on the energy market affiliated to the deliveries from the first six months of the year are RON 742 million, with 3.04 percent lower than the revenues from the approved program for 2016 quarterly.

The company is exposed to foreign currency risk for more currencies such as: EUR, CAD and USD, having loans contracted for the finalization of construction of Unit 2 of CNE Cernavoda. The net differences of foreign exchange rates have influenced negatively the net result of the company in the two periods, the financial loss registering a significant growth of 187 percent compared with the first semester of 2015.