Transelectrica, Net Profit of RON 328mn Down 44% in 2025
Transelectrica reported a net profit of 328 million lei in 2025, down 44%, according to information sent to the Bucharest Stock Exchange.
Activities with profit
The segment of activities with profit allowed recorded a positive result in the amount of RON 460 million in 2025, but down by RON 71 million compared to the result in the amount of RON 531 million achieved in 2024, in the context of lower operating revenues in the amount of RON 11 million (0.5%) and higher operating expenses including depreciation and amortisation in the amount of RON 60 million.
The decrease in operating revenues (RON 2,332 million as of 31 December 2025 (preliminary value) compared to RON 2,343 million as of 31 December 2024) was mainly influenced by the decrease by RON 50 million in revenues from OTC transactions, of short-term revenues from damage assistance (RON -53 million) of short-term revenues from litigation (RON -95 million) and OTC capitalisation (RON -101 million) in the context of the increase by RON 235 million in revenues from transmission tariff and by RON 55 million in revenues from interconnection capacity allocation.
Revenues from transmission and other energy market revenues increased by RON 186 million, from RON 2,087 million in 2024 to RON 2,273 million (preliminary value) in 2025, mainly influenced by the increase in the average tariff for the transmission service approved by ANRE, which led to an increase in revenues from regulated tariff by RON 235 million (+15%) compared to the same period of the previous year.
The increase in revenues from the allocation of interconnection capacity (+ RON +55 million), which in January-December 2025 reached RON 337 million (from RON 282 million in January-December 2024), is corresponding to the level of utilisation of available interconnection capacity by traders on the electricity market, the implicit allocations, where capacity and energy and are provided simultaneously, are strongly influenced by changes in the price of electricity on European exchanges.
The 3% increase in operating expenses including depreciation (RON 1,872 million in 2025 compared to RON 1,812 million in 2024) was mainly influenced by the increase in network maintenance expenses (+ RON 32 million), personnel expenses (+ RON 40 million) special construction tax expenses (+RON 22milion) and AMEPIP monitoring tariff expenses (+RON 3milion compared to 2024).
Rising prices on the European energy market, the reduction of domestic capacities based on conventional fuels and the dependence on volatile production from renewables increase the dependence on imports during periods of high demand and implicitly the price on the spot market. Thus, the average price of energy purchased on the DAM in 2025 was 6% higher than the price in the previous year.
Zero-profit activities
The segment of zero-profit activities recorded a decrease in revenues (RON -2,292 million) from RON 5,537 million in 2024 to RON 3,244 million in 2025, mainly determined by the decrease in revenues on the balancing market (RON -2,286 million) being influenced by the evolution of production and consumption, the accelerated growth of installed power at prosumers and the evolution of contractual imbalances recorded at the level of energy suppliers on this market.
The value of expenses regarding system/balancing capacity in 2025 has increased of approximately (35%) compared to the same period in 2024, which led to a negative result of RON 142 million lei in this segment.
For the system services activity/balancing capacity, according to ANRE’s regulations, the surplus/deficit of income compared to the recognised costs resulting from the performance of this activity shall be compensated by ex-post tariff correction (negative/positive correction) applied by ANRE in the tariff in the years following the one in which the respective surplus/deficit was recorded.
Electricity consumption at the SEN level in 2025 shows a slight decrease of -0.5%. Declines in consumption were recorded in January, March, June, July, August, November and December, with slight increases in the rest of the year, except in February, which saw a 6.12% rise.
For 2025 as a whole, the OTC in the RET decreased by 6.94% compared to the same period in 2024, mainly due to lower energy entering the RET contour, physical flows on the interconnection lines being more favourable overall and more favourable weather conditions in January, February, April, June, September and December, characterised by lower amounts of precipitation, which led to a reduction in corona losses.
As of 31 December 2025, the degree of realisation of the annual investment programme is 104.91% compared to the annual investment programme for 2025 approved by the General Meeting of Shareholders.
