Network development projects for Romanian electricity transport operator Transelectrica require total investments of EUR 1 billion, according to Carmen Neagu, member of the company’s Supervisory Board.

“Romania is in a geographical place that can be exploited in a smart way by all the parties interested in developing a strategy and an energy policy in which Romania to play an important role,” said Neagu, quoted by local news agency Agerpres.

She added that the company’s main projects range on three different levels. There are those related to interconnection, to integration and eliminating congestion and those to modernize and replace very old capabilities of the system.

Transelectrica saw its revenues drop over 10 percent year-on-year in 2013, to RON 2.46 billion (over EUR 557 million), according to the company’s preliminary results.

However, Transelectrica’s net profit increased over four times to RON 162.2 million (EUR 36.4 million) in 2013, from RON 34.4 million (EUR 7.7 million) reported in the previous year.

Irina Popescu, irina.popescu@romania-insider.com