Natural monopoly tax will cut by 5% Transelectrica’s gross profit

Transelectrica Bucharest (BSE: TEL) estimates for this year a gross profit down 5%, to RON 44.6mln (EUR 10.1mln), following the introduction of the natural monopoly tax in the energy sector, Mediafax writes. “In 2013 the gross result was decreased by RON 10.1mln, representing the natural monopoly tax in the energy sector, in accordance with the provisions of the Government Ordinance no. 5/2013”, the substantiation note of the draft revenues and expenditures budget approved in the general meeting of shareholders reads. The Government introduced early this year a tax applied to electricity and natural gas transmission and distribution operators. Thus, the tax in the case of amounts transported to the distribution systems is RON 0.1/MWh, while the tax for the distributed amounts is RON 0.85/MWh. For this year, the company estimates total revenues of RON 2.859bn (almost EUR 648mln), slightly below those recorded last year, of RON 2.86bn (EUR 641.8mln). Revenues are estimated at RON 2.953bn (EUR 669mln) in 2014, one year later being estimated to reach RON 3.048bn (EUR 690.7mln).

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