Electrica Group turned to profit in H1 2023, posting a net result of 106 million RON, compared to a loss of 176 million RON in the year-ago period, as per the company's consolidated results released on last Friday.The group's EBITDA increased by 535 million RON to 636 million RON in the reporting period, mainly due to the operational performance of the distribution segment, to the increase in energy revenues generated by the roughly 20 percent year-over-year rise in distribution tariffs; this effect is somewhat offset by the decline of distributed amounts by 8 percent.The company's operating revenues stood at 6.74 billion RON, up 14 percent from the same period last year.The amount of distributed electricity was 8.28 TWh, down 7.9 percent year-over-year. Electrica's distribution arm Distributie Energie Electrica Romania - DEER serves approximately 3.9 million users in an area accounting for approximately 40 percent of the surface of Romania.The amount of electricity supplied on the retail market was 3.88 TWh, down 6.84 percent compared to H1 2022, against the general downward trend in electricity consumption, the company said in a release. Supplier Electrica Furnizare provides electricity for approximately 3.5 million consumption locations on the competitive market, as well as a universal and last resort supplier. According to the latest report of the National Energy Regulatory Authority from April this year, the company is one of Romania's leading suppliers, with a total market share of 17.79 percent and a 10.43 percent chunk of the competitive market.Electrica Group is a key player on Romania's energy distribution and supply market, as well as one of the most important providers of energy services. Electrica serves approximately 3.9 million users and its energy distribution coverage spans 18 counties in three geographical areas: North Transylvania, South Transylvania, North Muntenia; it also provides energy supply, maintenance and energy services all over the country.Since July 2014, Electrica is a company with mostly private capital, listed on the Bucharest and London stock exchanges.
Young people aged between 16 and 18 in Romania will be able to establish and manage a new type of limited liability company (S.R.L.), which will be called a "firmă de exercițiu" (practice firm) and will have the abbreviation "S.R.L.-F.E.", according to a new project. A young person will be able to establish or acquire […]
Developer Skanska has signed an agreement to sell the first phase of the Bucharest office complex Equilibrium to Gordiusz Private Equity Fund, managed by Gránit Asset Management. The transaction value amounts to EUR 52 million. The Equilibrium office complex consists of two buildings in the business district Floreasca – Barbu Vacarescu. The first phase, which […]
This year's edition of the George Enescu International Festival, the largest classical music event in the country, will feature performances from some of the top sopranos and mezzo-sopranos of the moment. Among them are Asmik Grigorian, Sonya Yoncheva, Kristine Opolais, Magdalena Kožená, Julia Lezhneva, Sarah Aristidou, Jennifer Holloway, Aylin Perez, Elsa Dreisig, Rachel Willis-Sørensen, Ruxandra […]
Globinvest, an asset management company from Cluj-Napoca, is set to launch an exchange-traded fund, or ETF, grouping together companies in the energy sector and several financial companies. Globinvest, a company with 30 years of experience on the Romanian capital market, will list the new entity on April 28 under the symbol GIBEFETF. Ilie Cenan, Chairman […]
Cyberhaven, an AI-powered data security provider founded by three Romanians and two Ukrainian citizens, recently announced that it has attracted a USD 100 million Series D funding led by StepStone Group along with new investors Schroders and Industry Ventures, to further accelerate its rapid growth. The funding pushes the valuation of the company to USD […]
The electoral campaign for the presidential elections began on Friday, April 4, at midnight, with most of the candidates posting on social media within the first minutes. Far-right candidate George Simion, credited with the first shot at winning the first round according to the latest surveys, began the election campaign alongside his wife and supporters, […]
