Nuclearelectrica (SNN), operator of Romania’s Cernavoda NPP, has announced that its net profit have more than tripled in the first half of 2022, to RON1.22 billion ($255m). This was despite the marginal 2.3% decline in the volume of electricity produced and the RON 586 million of “additional income tax expense” – a windfall profit tax levied by the government to energy producers to finance the ‘cap and subsidy’ scheme aimed at mitigating excessive electricity prices.
Nuclearelectrica’s revenues from the sales of electricity thus increased by 130% year-on-year to nearly RON 3.1 billion while operating expenses, less depreciation and amortisation and additional income tax, increased by only 30% year-on-year to RON 847 million.
Nuclearelectrica has been one of the most profitable stocks on the Bucharest Stock Exchange in the last year, recording an increase of 67%, compared with a return of 15% for the BET-TR index.
Image: Cernavoda nuclear power plant (courtesy of Nuclearelectrica)
