Romanian nuclear power producer sees 52% profit increase in Q1

State-owned power producer Nuclearelectrica, which operates Romania’s nuclear power plant at Cernavoda, recorded a net profit of RON 190 million (EUR 41 million) in the first quarter of this year, up by 52% compared to the same period of 2017. The company benefited from the full electricity market liberalization, which allowed it to increase the revenues from electricity sales by 11.8%, to RON 541 million (EUR 116 million) despite a 1.8% production decline. In the first quarter of 2017, the company sold 11% of the electricity it produced on the regulated market at prices set by the state. Nuclearelectrica operates two nuclear reactors with a combined capacity of 1,400 MW. It produced 2.95 TWh of electricity in the first quarter, covering 16.5% of the domestic power output. The Energy Ministry controls 82.5% of the company’s shares, investment fund Fondul Proprietatea holds a 9.1% stake and the remaining 8.4% belongs to minority shareholders. Nuclearelectrica has a market capitalization of EUR 546 million. Romanian nuclear reactor refurbishment to cost EUR 1.2-1.5 bln editor@romania-insider.com