Nuclearelectrica shareholders approved the investments in Tarnita and the submarine cable, but they rejected the budget for 2014

Shareholders of electricity producer Nuclearelectrica (BSE: SNN) on Tuesday approved the participation with RON 8.9mln to the share capital increase of Hidro Tarnita and with EUR 2mln to the establishment of the company HVCCD Romania – Turkey, which will build the interconnection submarine cable between the two countries, according to a company announcement. Shareholders rejected however the income and expenditure budget proposed by company management for this year, asking to discuss it in a future general meeting of shareholders, after it is approved by the Government. According to the income and expenditure budget proposed on Tuesday in the General Meeting of Shareholders, the company would post this year a net profit of only RON 27.9mln (EUR 6.2mln), almost 15 times lower than the gain posted in 2013, of RON 417.3mln (EUR 94.4mln). The company estimates to produce this year 10.54TWh of energy, with estimates sales of RON 1.62bn.