Transelectrica SA (TEL), Romania’s state- owned power grid operator, sees its profit declining by more than half in the next three years after reaching a five-year high in 2011.
The Bucharest-based company sees its net income likely to fall to 40 million lei ($12 million) this year, from 91 million lei in 2011, Transelectrica said in a filing to the Bucharest Stock Exchange today. It expects a profit of about 41 million lei in 2013 and 43 million lei in 2014, according to the statement.
Transelectrica plans to invest 782 million lei this year to upgrade an outdated power-grid, so it can carry increasing electricity supply amid growing wind-power output. Romania will probably expand its wind power capacity to 1,400 megawatts by the end of this year from the current 800 megawatts, Environment Minister Laszlo Borbely said on Feb. 28.
The company plans to increase investment to 881 million lei in 2013 and 831 million in 2014, it said in the statement.
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