Romanian Govt. squeezes profits again out of state-owned companies
Romania’s Government will set a 90% dividend payout ratio for the companies where the state is a sole or majority shareholder, under a provision included in the emergency ordinance (OUG) that amends the ‘cap and subsidy’ scheme for supporting energy consumers, Economica.net reported.
Under extraordinary circumstances, the ratio may be lower - to allow companies to finance their projects - but not below 50%, according to the provision included in the text published before the government meeting on January 25 when the OUG was passed.
Amid rising energy prices, companies in the sector, most of which are state-controlled, will report substantial profits in 2021.
Nuclearelectrica already announced a net profit of over RON 1 bln (EUR 200 mln), and this year it expects RON 2 bln earnings. Hidroelectrica expects a record profit as well, after reporting a net profit of RON 2.6 bln (EUR 520 mln) in the first nine months of the year (double the profit in 2020. Romgaz reported RON 1.3 bln net profit in the nine-month period, about 74% more than in 2020.
It is possible that in the case of Nuclearelectrica and Romgaz, for example, the dividend payout ratio will be lower, only 50%, so that the two companies will be left with money to finance the construction of reactors 3 and 4 from Cernavoda, respectively the Neptune Deep gas project in the Black Sea.
Revenues from state-owned companies were assigned by the Ministry of Energy as sources for financing the price cap and offsetting scheme for this winter.
(Photo: Kittichai Boonpong/ Dreamstime)