Slides
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(Acc. IFRS-EU) Presentation of Q1 2025 Financial Results Bucharest, 29 May 2025
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2 Electrica Group’s overview Q1 2025 Group’s Financial Results Main Corporate Events 1 2 3 Group Strategy Implementation Shareholdings’ Structure and Evolution of the Shares & GDRs 4 5 Appendices6 o Regulatory Aspects - Distribution o Regulatory Aspects - Supply Content
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3PRESENTATION OF Q1 2025 FINANCIAL RESULTS (ACC. IFRS-EU) This document was prepared by Electrica for the presentation of Q1 2025 financial results and has an informative nature. This presentation is not an offer, an invitation or recommendation to trade the securities issued by Electrica. The consolidated financial statements and the reports prepared for the above-mentioned period in accordance with the applicable capital market regulations are available on the company’s website, at https://www.electrica.ro/en/investors/results-and-reports/financial-results/ The figures presented in this document are rounded based on the round to nearest method. As a result, rounding differences may appear. The results presented are based on the consolidated financial statements prepared in accordance with the International Financial Reporting Standards (IFRS-EU). DISCLAIMER
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Electrica Group overview1
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5 ELECTRICA GROUP OVERVIEW Electrica is the most important national distribution operator and the electricity supplier with the most places of consumption Electricity Distribution Electricity Supply Users ~3.98 million Voltage lines 204,799 km Distributed Energy 4.6 TWh (Q1 2025 (+ 4,2%)) 4.4 TWh (Q1 2024) 17.8 TWh (2024) RON 85.7 mn (Q1 2025) RON 70.3 mn (Q1 2024) RON 808 mn (2024) RON 777 mn (2023) RAB: 8.4 mld RON(est. 31 Mar. 2025) Consumption places ~3.5 million Total market share 17.16% (Jan 2025) 15.48% (2024) 16.77% (2023) Electricty supplied on the retail market 2.0 TWh (Q1 2025) 2.0 TWh (Q1 2024) 7.6 TWh (2024) 7.8 TWh (2023) Commisioned Capex:
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6ELECTRICA GROUP OVERVIEW 12.1% 14.3% 14.3% 59.2% DEER_MN DEER_TS DEER_TN Others Leading Player in Distribution and Supply 15.48% 84.52% ELECTRICA FURNIZARE Others48.1 TWh Distribution | SOURCE: LATEST ANRE REPORTS; FOR DISTRIBUTION, THE MOST RECENT REPORT IS FROM 2023, WITHOUT ANY OTHER UPDATE Electrica: 39.3% Volumes Distributed in 2023 Supply Volumes Supplied in 2024 43.37 TWh Area Covered by Distribution Network Electrica: 40.8% 238,391 km2 Market shares of SoLRs depending on the electricity supplied to customers in competitive regime, Universal Service and Last Resort Volumes Supplied in Jan 2025 35.44% 36.63% 16.03% 11.90% ELECTRICA FURNIZARE PPC* E.ON Energie Romania Premier Energy Furnizare 21 TWh 12.8% 13.4% 13.0%60.7% DEER TN DEER TS DEER MN Others 17.16% 82.84% 4.2 TWh 37.35% 35.31% 14.80% 12.54% 1.9 TWh 2024 Jan 2025
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7ELECTRICA GROUP OVERVIEW Electrica showcases remarkable performance in 11 years since its 2014 dual listing o The dividends granted by Electrica from the listing to date have offered the most stable returns out of all BET companies, between 5.2% and 7.3%, in the period 2015- 2022, with the exception of 2023, when the yield decreased to 1.37%, and 2024, when the yield decreased below 0.9%, due to the absorption of the shocks during the energy crisis. o In the first 10.5 years after IPO, Electrica has distributed to its shareholders gross dividends that have cumulated about 2 billion RON or 5.92 RON / share, representing a 53.8% gain for the shareholders who bought shares in June 2014 as part of the IPO. Thus, the aggregate yield is almost 81.1% from the listing until now (19 May 2025), of which 27.3% from the appreciation of the shares. o Electrica has over 14,400 shareholders in 29 countries world-wide o From IPO to date (26 May 2024), about 422 million Electrica shares were traded representing over 124.3% of the share capital and the total voting rights o Electrica is constantly present in the listing of Top 10 most valuable Romanian brands, in 2024 being on the 7th place o In September 2019, Electrica obtained the issuer corporate rating of BBB (Investment Grade), with a stable outlook, from the rating agency Fitch Ratings. In April 2020, Fitch Ratings revised Electrica rating’s outlook to Negative from Stable following the revision of Romania’s rating outlook, while affirming its corporate rating at ‘BBB’. On 16 March 2022, Fitch downgraded Electrica to BBB-, maintaining negative outlook. The most recent rating from Fitch Ratings dates from 27 March 2025, when the rating was confirmed at BBB-, but the outlook was improved from negative to stable. o Starting with 18 March 2024, Electrica’s shares have been included in the FTSE Russel indices. At the semi-annual review in August 2024 and February 2025, Electrica’s shares were maintained in the same indices. o In August 2023, Electrica was one of the six companies promoted from Small Cap to Mid Cap/Large Cap, and its shares were included in the MSCI Frontier and MSCI Romania indices. Electrica is included in the MSCI indices since 2014. Electrica is the only listed Romaniancompany active in electricitydistribution, supply and production in Romania. Its listing in July 2014 on was the largest primary initial public offering in Romania with the issue of new shares, as well as the only privatization with a majority stake through the stock exchange until now. Its dual listing in July 2014 on both the Bucharest and London Stock Exchange attracted almost RON 2 billion (EUR 444 mn.) through the primary initial public offering, the listing having a significant impact on the capitalization and liquidity of the Bucharest Stock Exchange at the time. • NN Group NV own, directly or indirectly, between 10% and 15% of the total number of shares • Paval Holding and Allianz SE own, directly or indirectly, between 5% and 10% of the total number of shares
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8ELECTRICA GROUP OVERVIEW Corporate Governance Bodies Board of Directors Current Composition mandates until 26 Jan 2028 o Mr. Mihai Diaconu – Chair o Mr. Dragos-Valentin Neacsu (independent) o Mr. Adrian-Florin Lotrean (independent) o Mr. Ion-Cosmin Petrescu o Ms. Georgiana Bogasievici o Mr. Marian Cristian Mocanu (independent) o Mr. Mihnea Craciun (independent) – interim director from 1 May 2025 Board of Directors Structure Board of Directors Consultative Committees Current Composition Executive Management o All board members are non-executive, elected on 26 January 2024 (with the exception of Mr. Mihai Diaconu, which was interim member from 21 October 2024, then elected by OGMS as member of the BoD since 5 February 2026, and of Mr. Mihnea Craciun, appointment as interim member in 29 April 2025), in accordance with the Articles of Association, and four of them are independent directors. o Mr. Mihai Diaconu is the Chair of the Board of Directors, appointed for the duration of his mandate. o Mr. Mihnea Craciun is interim director starting 1 May 2025, until the next OGMS or latest 30 April 2026 o There have been 4 consultative committees of the Board since 2023. The current composition of these committees (see below) was established on 14 May 2025, until 31 December 2025. o Audit and Risk Committee (ARC): Mr. Dragos-Valentin Neacsu – Chair; Mr. Adrian-Florin Lotrean – Member; Mr. Mihai Diaconu – Member o Nomination and Remuneration Committee (NRC): Mr. Adrian-Florin Lotrean – Chair; Mr. Marian Cristian Mocanu – Member; Mr. Ion Cosmin Petrescu – Member o Strategy and Corporate Governance Committee (SCGC): Mr. Marian Cristian Mocanu – Chair; Mr. Mihai Diaconu – Member; Mr. Ion Cosmin Petrescu – Member o Climate Governance and Public Affairs Committee (CGPAC): Ms. Georgiana Bogasievici – Chair, Mr. Dragos-Valentin Neacsu – Member; Mr. Mihnea Craciun – Member o Mr. Alexandru-Aurelian Chirita – CEO (appointment date: 17 May 2022; mandate until 31 December 2026) o Mr. Stefan-Alexandru Frangulea – CFO (appointment date: 4 January 2022; mandate until 31 December 2026) o Ms. Andreea Lambru – Chief Business Development Officer, for a four-year period (date of appointment: 14 March 2023, mandate until 13 March 2027)
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9 ELECTRICA GROUP OVERVIEW Corporate Governance Bodies - Non-Executive Management | https://www.electrica.ro/en/investors/corporate-governance/board-of-directors/ Board of Directors - Current composition – with mandates until 26 January 2028 Mr. Dragos Neacsu Non-executive Independent Director since 28 April 2021, re-elected on 26 January 2024 Chair of the ARC and Member of the CGPAC Mr. Mihai Diaconu Chair of the Board of Directors Non-executive Interim Director, elected on 5 February 2025, initially appointed on 21 October 2024 Member of the SCGC and of the ARC Mr. Adrian Lotrean Non-executive Independent Director since 28 April 2021, re-elected on 26 January 2024 Chair of the NRC and member of the ARC Mr. Ion Cosmin Petrescu Non-executive Director since 28 April 2021, re-elected on 26 January 2024 Member of the ARC and of the SCGC Ms. Georgiana Bogasievici Non-executive Director since 26 January 2024 Chair of the CGPAC Mr. Cristian Mocanu Non-executive Independent Director since 26 January 2024 Chair of the SCGC and member of the NRC Mr. Mihnea Craciun Interim Non-executive Independent Director since 1 May 2025, until the next OGMS Member of the CGPAC
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10ELECTRICA GROUP OVERVIEW Corporate Governance Bodies – Executive Management https://www.electrica.ro/en/investors/corporate- governance/executive-management/ Mr. Alexandru-Aurelian Chirita Chief Executive Officer 17 May 2022 – 31 December 2026 Ms. Andreea Lambru Chief Business Development Officer 15 March 2023 – 14 March 2027 Mr. Stefan Frangulea Chief Financial Officer 04 January 2022 – 31 December 2026
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Group’s financial results Q1 2025 (acc. IFRS-EU) 2
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12GROUP’S FINANCIAL RESULTS 3,835 4,468 4,604 0 500 1,000 1,500 2,000 2,500 3,000 3,500 4,000 4,500 5,000 2023 2024 Q1 2025 Summary Consolidated Financials (IFRS-EU) Revenues (RON mn.) EBITDA Growth and Margin Performance EBITDA (RON mn.) and EBITDA Margin (%) Net result and Net Result Margin (RON mn.) Net Debt/(Net Cash)1 RON mn.) 1. Net debt is calculated as bank borrowings + bank overdrafts + financial leases - cash and cash equivalents SOURCE: COMPANY DATA, CONSOLIDATED FINANCIAL STATEMENTS 9,273 8,454 2,090 2,373 543 542 144 146 9,817 8,995 2,234 2,519 2023 2024 Q1 2024 Q1 2025 Revenues excl Green Certificates Green Certificates Revenues 1,714 1,360 401 459 17.5% 15.1% 17.9% 18.2% 0.0% 2.0% 4.0% 6.0% 8.0% 10.0% 12.0% 14.0% 16.0% 18.0% 20.0% - 200 400 600 800 1,000 1,200 1,400 1,600 1,800 2023 2024 Q1 2024 Q1 2025 EBITDA EBITDA Margin 772 390 128 196 7.9% 4.3% 5.7% 7.8% 0.0% 1.0% 2.0% 3.0% 4.0% 5.0% 6.0% 7.0% 8.0% 9.0% - 100 200 300 400 500 600 700 800 900 2023 2024 Q1 2024 Q1 2025 Net Result Net Result Margin
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13GROUP’S FINANCIAL RESULTS Consolidated EBITDA and Net Result Evolution (IFRS-EU) EBITDA (RON mn.) Net result (RON mn.) 1. Other revenues refer to the variance of revenues from other activities, beside distribution and supply of electricity, as well as the variance of “Other revenue” line. Any calculation differences for the values expressed in RON mn. may appear from their approximation 401 78 7 (26) 459 EBITDA 3M 2024 Energy Margin Other Revenues OPEX EBITDA 3M 2025 128 59 6 (0) 3 196 Net result 3M 2024 EBITDA variance Depreciation Financial result Income tax Net result 3M 2025 The consolidated EBITDA variation 3M 2025 vs. 3M 2024 is positive of RON 59 mn., being mostly the cumulated effect of the factors below: ❑ The positive variation of the energy margin RON +78 mn., thereof: • RON +99 mn. from the distribution segment, increase generated mostly by: ➢ RON +204 mn. – positive impact of the increase in revenues from electricity distribution from the increase in tariffs on the distribution segment which was due to ANRE order no. 97/2024 in which the distribution tariffs were higher by approx. 12.5% compared to the tariffs on 1 January 2024, positive effect to which is added the increase in the volumes of electricity distributed by approx. 4.8%; ➢ RON -105 mn. – increase in expenses with energy purchased to cover own technological consumption ("CPT"), generated by the increase in electricity purchase prices compared to the first 3 months of 2024 as a result of the elimination in 2025 of the MACEE centralized purchase mechanism, this effect being offset by the decrease in the volumes of electricity needed to cover CPT compared to Q1 2024. • RON -22 mn. from the supply segment, decrease generated mostly by: ➢ RON +203 mn. – the variation in revenues related to the supply segment is mainly generated by the increase in the quantity of energy supplied on the retail market by 3.7%; ➢ RON +322 mn. – the increase in other operating income comes from the increase in the acquisition cost which resulted in higher subsidy revenues compared to Q1 2024 and the modification given by the new ANRE guide dated 29 July 2024 regarding the new calculation of the amounts to be recovered from the cap (subsidies); ➢ RON -544 mn. – the increase in the cost of electricity purchased for supply is mainly determined by the increase in electricity market prices at the time of purchase. ❑ Negative variation of OPEX of RON -26 mn., net impact mainly generated by: • negative impact of RON 35 mn. of expenses with salaries and other employee benefits, (RON 27 mn.) from the distribution segment from the negotiation of certain increases in benefits granted to employees in accordance with the collective labor agreement and from the negative variation of salaries and benefits of other business segments (RON 8 mn.); • negative impact from repairs and maintenance of RON 20 mn. mainly from distribution and service segments; • positive impact of RON 23 mn. in operating expenses, mainly from the supply segment due to the decrease in expenses with penalties for late payments to suppliers and the taxes due; Net result variation 3M 2025 vs. 3M 2024 is of RON +68 mn., mainly from the positive evolution of EBITDA of RON +59 mn., the decrease in the amortization and depreciation of assets of RON 6 mn. to which is added the decrease in profit tax expense by RON 3 mn.. SOURCE: COMPANY DATA, CONSOLIDATED FINANCIAL STATEMENTS
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14GROUP’S FINANCIAL RESULTS Financial results Distribution Segment – Highlights (IFRS-EU) EBITDA increased by RON 81 mn., mainly due to the evolution of: ▲ increase in energy margins by RON +99 mn., as an effect of: ➢ increase in energy revenues by RON +204 mn. positive impact of the increase in revenues from electricity distribution from the increase in tariffs on the distribution segment which was due to ANRE order no. 97/2024 in which the distribution tariffs were higher by approx. 12.5% compared to the tariffs on 1 January 2024, positive effect to which is added the increase in the volumes of electricity distributed by approx. 4.8%; ➢ NL cost increased by RON -105 mn., the increase in expenses with energy purchased to cover own technological consumption (“NL"), generated by the increase in electricity purchase prices compared to the first 3 months of 2024 as a result of the elimination in 2025 of the MACEE centralized purchase mechanism, this effect being offset by the decrease in the volumes of electricity needed to cover NL compared to Q1 2024. ❑ unfavorable impact from the increase in employees benefit expenses by RON 27 mn., mainly from the change in the benefits granted to employees through collective labor contract; The net result increased by RON 98 mn., mainly from the positive evolution of EBITDA (RON 81 mn.) along with the favorable variation of the financial results (RON 7 mn.), amortization and depreciation of assets (RON 6 mn.) and by the impact from profit tax (RON 2 mn.). The favorable impact on the distribution segment results was reduced by the increase in NL costs, by RON 87 mn. (net with income), or 27%, from RON 324 mn. (net with income) in 2024 to RON 412 mn. in 2025 (net with income), impact being generated by the increase of the average purchase price by 43% and the reduction of NL quantity with 12%. The net debt increase of RON 278 mn. compared with YE 2024 comes from the increase of bank borrowings (RON 975 mn.), effect offset by the increase of cash and cash equivalents (RON 541 mn.), the decrease in overdrafts (RON 163 mn.) and the increase of financial leasing (RON 7 mn.). RAB RON 8.4 bn (est. 31 Mar. 2025) Distributed Energy 4.61 TWh (Q1 2025) (+4.8%) 4.40 TWh (Q1 2024) Area covered 97,196 km2 Key figures Q1 2024 Users ~3.98 million Voltage lines 204,799 km CommisionedCapex, recognizable by ANRE: 85.7 mn RON (Q1 2025) = 137% planned ANRE (Q1 2025) , 11% planned ANRE (2025) 70.3 mn RON (Q1 2024) = 142% planned ANRE (Q1 2024), 9,8% planned ANRE (2024) 204 (105) (27) (0) 5 (14) 19 435 354 EBITDA 3M 2024 Energy revenues Network losses cost Employees benef. Exp. Receivables impair. adj. Provisions OPEX Other revenues EBITDA 3M 2025 EBITDA Analysis Q1 2024 – Q1 2025 SOURCE: COMPANY DATA, CONSOLIDATED FINANCIAL STATEMENTS
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15GROUP’S FINANCIAL RESULTS 1,530 1,998 2,276 0 500 1,000 1,500 2,000 2,500 2023 2024 Q1 2025 638 724 116 214 0 100 200 300 400 500 600 700 800 2023 2024 Q1 2024 Q1 2025 4,411 4,710 1,131 1,298 0 500 1,000 1,500 2,000 2,500 3,000 3,500 4,000 4,500 5,000 2023 2024 Q1 2024 Q1 2025 1,436 1,579 354 435 0 200 400 600 800 1,000 1,200 1,400 1,600 1,800 2023 2024 Q1 2024 Q1 2025 Distribution segment – main aspects (IFRS-EU) Revenues (RON mn.) Relevant regulatory information: The positive regulated result for Q1 2025 of RON 241 mn. does not include the effect of the capitalization of the negative deviation of the cost of NL - in realized values this was RON 42 mn., determined for the amount of NL realized in Q1 2025 1. Net debt is calculated as bank borrowings + bank overdrafts + financial leases - cash and cash equivalents Net result (RON mn.) Net Debt1 (RON mn.) EBITDA (RON mn.) Distributed energy margin (RON mn.) SOURCE: COMPANY DATA, CONSOLIDATED FINANCIAL STATEMENTS - DISTRIBUTION SEGMENT 1,555 257 276 99 2023 2024 Q1 2024 Q1 2025
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16GROUP’S FINANCIAL RESULTS RRAB Analysis for distribution segment for 2025 (RON mn.) 581 15 138 734 79 814 34 (33) (106) (72) 636 48 684 32 (69) (217) (257) (26) 148 0 100 200 300 400 500 600 700 800 900 Increase Decrease Total Subsidies*, diff. Amz. Accounting vs Regulation, Provisions SOURCE: COMPANY DATA
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17GROUP’S FINANCIAL RESULTS Analysis of Regulated Net Result 2025 – OMFP 1802/2014– IFRS-EU for the Distribution Segment in Q1 2025 (RON mn.) (291) (179) 241 42 29 (214) 179 3 (3) (4) 272 (47) (30) 195 (42) 60 (5) (6) 12 214 1,123 (412) Total net revenue NL realized OPEX Regulated amortiz. Regulated result 2025 YTD NL Capitalization Subsidies revenues Accounting deprec. Regulated deprec. Provision adjust. Monopoly tax Other elem. not incl. in reg. res. Operating result Financial result Profit tax OMFP 1802 net result 2025 YTD NL Capitalization (derecognition) NL Amortiz. (derecognition) IFRS 9 adj. DTAX for NL capit. IFRIC 12 margin IFRS result 2025 YTD SOURCE: COMPANY DATA
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18GROUP’S FINANCIAL RESULTS DEER – largest distribution operator in Romania 8.17 8.59 2.17 2.37 6.58 6.74 1.65 1.66 2.31 2.44 0.58 0.58 17.05 17.77 4.4 4.61 R 2023 R 2024 R Q1 2024 R Q12025 Low Voltage Medium Voltage High Voltage 1,886 1,851 635 562 R 2023 R 2024 R Q1 2024 R Q1 2025 987 1,077 324 412 R 2023 R 2024 R Q1 2024 R Q1 2025 9.18% 9.38% 8.38% 8.89% 11.97% 9.11% 10.38% Reg. Actual Reg. Actual Actual 3L Reg. Actual 3L 2023 2024 2025 Distributed volumes (TWh) Network losses (GWh) Network losses cost (RON mn) NL* (%) * NL (Network losses) percentage reprojected, according to ANRE +4,8% Users ~3.98 million Voltage lines 204,779 km RAB: RON 8.4 bn (est. 31 Mar.. 2025) Distributed Energy 4.61 TWh (Q1 2025) (+4.8%) 4.40 TWh (Q1 2024) 175.26 229.96 238.63 144.73 182.24 190.16 158.84 171.97 185.49 0 0 236.1 56.7 69.44 74.69 57.49 71.38 74.86 54.52 62.32 63.05 0 0 80.69 23.35 31.23 34.72 23.77 29.09 31.22 24.63 28.48 29.55 0 0 34.14 0 50 100 150 200 250 300 April- 22 April- 23 April- 24 April- 22 April- 23 April- 24 April- 22 April- 23 April- 24 April- 25 MN TN TS DEER LV MV HV Capex PIF, recognizable by ANRE, realized in Q1 2025 85.7 mn RON(Q1 2025) = 137% planned ANRE (Q1 2025) , 11% planned ANRE (2025) 70.3 mn RON (Q1 2024) = 142% planned ANRE (Q1 2024), 9.8% planned ANRE (2024) SOURCE: COMPANY DATA Distribution Tarriffs (RON/MWh)
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19GROUP’S FINANCIAL RESULTS The financial impact of the electricity market perspectives evolution - distribution Network losses (NL) Evolution of the cost of electricity needed to cover NL (net with income) ❑ In Q1 2025, the cost of electricity purchased for NL (net with income) coverage increased by RON 87 mn., or 26.9%, from RON 324 mn. in Q1 2024 to RON 412 mn, the increase being generated by the increase of NL price with 43.5%, and by the decrease of NL quantity with 11,5%. The price increase may be also correlated with the end of the application period of the Centralized Electricity Procurement Mechanism (MACEE) on 31.12.2024. MACEE was applicable from 1 January 2023 to 31 December 2024, being implemented to ensure the stability of the energy market and to limit the excessive income of energy producers in the context of the energy crisis. After 1st January 2025, with the end of MACEE, the market returned to competitive mechanisms. Distributed energy Investments The evolution of the energy distributed volumes ❑ In Q1 2025, the amount of electricity distributed was 4,609 TWh, increase with 4.8% compared to Q1 2024, with positive developments recorded mainly on low voltage level. The average degree of realization of Commissioning in Q1 2025 is: ❑ Compared to the values approved by ANRE: 137% of 3 month planned value (RON 85.7 mn out of 62.6 RON mn) respectively 10.7% of the annual planned value (RON 85.7 mn. out of RON 797.8 mn), of which: o degree of achievement of the ANRE 2025 plan, including additional works: 140.6% of the 3-month plan (RON 79.8 mn. from RON 57.0 mn.), respectively 10.9% of the ANRE 2025 annual plan (RON 79.8 mn. from RON 734.2 mn.); o degree of achievement of works carried over from 2024: 100% of the 3-month plan (RON 5.9 mn. out of RON 6.0 mn) respectively 9.3% of the total planned value (RON 5.9 mn. out of RON 63.6 mn.); ❑ Compared to the budgeted values: 100% of 3-month budgeted value (RON 85.7 RON mn out of RON 85.7 RON mn) respectively 8.9% of the annual budgeted value (RON 85.7 mn. out of RON 958.5 mn), of which: o degree of achievement of the ANRE 2025 plan: 100% of 3-month commisioning plan budgeted value (RON 56.7 mn realized out of RON 56.7 mn.) respectively 7.7% of the annual budgeted value (RON 56.7 mn. from RON 734.2 mn) o degree of achievement of additional works: 100% of 3-month budgeted value (RON 23.0 mn out of RON 23.0 mn requests), respectively 14.3% from annual budgeted value ( RON 23 mn. out of RON 160.7 mn) o degree of achievement of works carried over from 2024: 100% from 3-month budgeted value (RON 5.9 mn out of RON 5.9 mn), 9.3% from annual budgeted value (RON 5.9 mn. out of 63.6 mn) SOURCE: COMPANY DATA
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20GROUP’S FINANCIAL RESULTS 305 (167) 62 37 4.2% -2.6% 3.8% 2.0% -3.0% -2.0% -1.0% 0.0% 1.0% 2.0% 3.0% 4.0% 5.0% (200) (100) - 100 200 300 400 2023 2024 Q1 2024 Q1 2025 Supply segment – Electrica Furnizare (IFRS-EU) EBITDA decreased by RON 25 mn. compared to Q1 2024, mainly following the evolution of the factors below: ➢ the increase in revenues from the supply of electricity and natural gas by RON 203 mn., mainly as a result of the increase in sales volumes (by 3.7% for electricity) ➢ other operating income increased by RON 322 mn., the increase in other operating income comes from the increase in the acquisition cost which resulted in higher subsidy revenues compared to Q1 2024 and the modification given by the new ANRE guide dated 29 July 2024 regarding the new calculation of the amounts to be recovered from the cap (subsidies); ➢ purchased electricity cost increase by approx. RON 544 mn., the increase in the cost of electricity purchased for supply is mainly determined by the increase in electricity market prices at the time of purchase. The net profit decreased by RON 22 mn., mainly from the negative evolution of EBITDA of RON 25 mn. the other elements that had an impact on the net profit are the following: the financial result with a negative impact of RON 7 mn. and the increase in depreciation and amortization expenses with RON 1 mn. and the positive impact of the income tax expenses of RON 10 mn. Net debt decreased by RON 192 mn. compared to year end 2024, mainly as a result of the decrease of cash and cash equivalents (RON 103 mn.), and from the decrease in overdrafts (RON 470 mn.) and the increase in bank borrowings (RON 176 mn.). Revenues (RON mn.) Net result (RON mn.) Net Debt/(Net cash)1 (RON mn.) EBITDA (RON mn.) 1. Net debt/(Net Cash) is calculated as bank borrowings + bank overdrafts + financial leases + Financing of PP&E - Cash and cash equivalents – restricted cash - bank deposits, T-bills and government bonds. | SOURCE: COMPANY DATA, CONSOLIDATED FINANCIAL STATEMENTS - SEGMENT REPORTING ~3.5 mn. consumption places 17.16% total market share (as of January 2025) 2.0 TWh (+0.6%) supplied volumes - retail 3,391 1,567 305 627 7,280 6,326 1,615 1,818 10,671 7,892 1,920 2,445 2023 2024 Q1 2024 Q1 2025 Revenues Other Revenues 98 (338) 6 (17) 1.4% -5.3% 0.4% -0.9% -6.0% -5.0% -4.0% -3.0% -2.0% -1.0% 0.0% 1.0% 2.0% (400) (350) (300) (250) (200) (150) (100) (50) - 50 100 150 2023 2024 Q1 2024 Q1 2025 1,892 1,905 1,712 2023 2024 Q1 2025
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21GROUP’S FINANCIAL RESULTS Electrica Furnizare was market leader in the first month of 2025, ranking 3rd place on Competitive market The supply market consists of the competitive segment, the universal service segment (US) and the supplier of last resort (SoLR) segment. The competitive segment comprises 88 suppliers (including suppliers of last resort operating in the competitive segment of the retail market), of which 81 have a market share of less than 4%, being relatively small. As of 31 January 2025, Electrica Furnizare (EFSA) had a total market share of 17.16% (1st rank) and on the competitive market it had a market share of 12.12% (3rd rank). Electrica Furnizare is also the market leader by number of consumption places, i.e. 3.5 mn. Total market share January 2025 Competitive market January 2025 (TWh) SOURCE: ANRE JANUARY 2025 REPORT
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22GROUP’S FINANCIAL RESULTS Supply - key aspects – 3M 2025 Electricity volumes on market segments (3M 2025) Electricity revenues on market segments (3M 2025) 1,2 4,4 4,9 1,3 4,2 5,1 1,1 1,3 0.3 1.6 1.6 1.7 3.3 2.0 2.0 1.8 3.3 0.2 Q1 2023 3.3 0.2 Q1 2024 3.3 0.2 Q1 2025 3.5 3.5 3.5 1.6 1.8 0.0 Q1 2023 1.7 1.7 0.0 Q1 2024 1.8 1.6 0.0 Q1 2025 3.5 3.5 3.5 Competitive Universal Service SoLR household non-household 1.0 1.1 Q1 2023 1.1 0.9 Q1 2024 1.2 0.8 Q1 2025 2.1 2.0 2.0 household non-household 64% 28% 8% Competitive Universal Service SoLR 63% 29% 9% Competitive Universal Service SoLR 1.0 1.2 1.3 0.6 0.6 0.6 0.5 0.2 0.2 2.1 2.0 2.0 Q1 2023 Q1 2024 Q1 2025 Competitive Universal Service SoLR Total Volume of Electricity Supplied on Retail Market 3M 2025 (TWh) split by segment Volume of Electricity Supplied on Retail Market 3M 2025 (TWh) Number of consumption places at 31 March 2025 (mn.) split by segment Number of consumption places at 31 March 2025 (mn.) | SOURCE: COMPANY DATA |. 1. ONLY RETAIL ELECTRICITY SALES.
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23 GROUP’S FINANCIAL RESULTS The financial impact of the electricity market perspectives evolution – supply – 3M 2025 (1/3) Throughout January – March 2025 the gross margin achieved was RON 136 mn., RON 22 mn. less than the level achieved in Q1 2025 (RON 158 mn.), and in terms of quantities there was an increase of 11 GWh (+75 GWh for households and -64 GWh for non-households). Main factors: o Purchase cost: variation of RON +321 mn., resulting from purchase cost impact (RON +317 mn.) and the impact of quantity increase (RON +4 mn.); o Sales revenue: variation of RON +90 mn., resulting from price impact (RON +82 mn.) and volume increase impact (RON +8 mn.). The income from capping recorded a variation of RON +319 mn. The increase in the purchase cost which propagates in the increase of sales income and of the capping income, as an effect of GEO 27/2022, with the subsequent changes, according to which the final invoiced price to the customers is represented by the minimum value between the capped price, the contract price and the final price calculated by the "cost plus" method (respectively the recognized purchase cost + the supply component). o Regulated costs (distribution and transport) registered an increase of RON 110 mn. compared to RON 608 mn. achieved in Q1 2024, mainly due to the increase in regulated tariffs. Electricity supply: The regulatory framework has undergone significant changes over the last decade, in terms of full liberalization of electricity and natural gas market, supply and distribution activities unbundling, implementation of renewable energy support scheme, support for sensitive consumers and price capping applicable to final customers of electricity and natural gas. Starting 01 November 2021, against the background of the increase in energy and natural gas price on the international and national markets, the energy crisis, as well as the effects caused by these increases among population in Romania, a series of support schemes have been applied to electricity and gas consumers, by establishing compensation and capping schemes between 01 November 2021 and 30 June 2025 for electricity, respectively until 31 March 2026 for natural gas final customers. Therefore, year 2024 and 1st quarter of 2025 were under the influence of the following features: o Price cap for household and non-household consumers according to GEO no. 27/2022, with subsequent amendments and additions, o Limitation of average purchase price considered for determining the amounts to be claimed from state budget to 1,300 RON/MWh initially, lowered to 900 RON/MWh and than to 700/RON/MWh in present - amendment according to Law no.206/2023 (approving GEO 153/2022), except for purchase intended for Supply of Last Resort, where this limitation does not apply; o Centralized Electricity Purchase Mechanism (MACEE) – it became optional for producers beginning 01 April 2024; o Obligation of natural gas producers to sell at the price of 150 RON/MWh (until 31 March 2024) and the price of 120 RON/MWh beginning from 01 April 2024 the quantities needed to supply household customers/ heat energy producers. The categories of customers benefiting from electricity cap in 2024 and in the 1st quarter of 2025 : o household customers: ▪ single-parent families, customers using medical devices, customers with at least 3 dependent children, and customers with consumption up to 100 KWh/month - maximum price 0.68 RON/KWh; ▪ customers with consumption between 100-300 KWh/month: maximum 0.8 RON/KWh for consumption up to 255 kWh/month and maximum 1.3 RON/KWh for consumption between 255-300 KWh/month; ▪ maximum price of 1.3 RON/KWh for the total consumption if it is greater than 300 KWh/month. o non-household customers - divided separately by activity field into three categories: customers benefiting from capping for 85% of consumption with a price capped at 1.0 RON/KWh, customers benefiting from capping for 100% of consumption, price capped at 1.0 RON/KWh and the rest of the customers at a maximum price of 1.3 RON/KWh. The categories of customers benefiting from natural gas cap in 2024 and in the 1st quarter of 2025: o household customers – the maximum price is capped at 0.310 RON/KWh; o non-household customers - the maximum price is capped at 0.370 RON/KWh for an annual consumption of up to 50 GWh. The compensated amounts are settled by the National Agency for Payments and Social Inspection ("ANPIS") for household consumers and by the Ministry of Energy for non-household consumers. NOTE: the financial figures in this slide are acc. OMFP 1802/2014 ELECTRICITY MARKET SOURCE: COMPANY DATA
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24 GROUP’S FINANCIAL RESULTS The financial impact of the electricity market perspectives evolution – supply – 3M 2025 (2/3) Purchase prices evolution o The first quarter of 2025 was characterized by low liquidity in the wholesale market generated by the low number of offers for sale, reluctance to enter into long-term contracts, amid legislative uncertainty regarding the extension or modification of the capping scheme after 01 April 2025. o The geopolitical context continues to have an important impact contributing through uncertainty and volatility to the evolution of the trading price. o The trading price in DAM in the evening peak hours recorded values of over 1,000 lei/MWh, the maximum recorded in January, namely 3,001.98 lei/MWh. The causes that led to this price increase were: a reduction in the volumes offered and an increase in electricity consumption. Electricity production fell by around 14% compared to the same period last year and, in order to compensate for the domestic production deficit, Romania was in a position to import 1,335 GWh more energy compared to Q1 2024. o The average trading price of energy in DAM in Q1 2025 was 664.57 lei/MWh, an increase of about 81% compared to the average price recorded in 2024, namely 366.53 lei/MWh. o Starting from March 2025, on days with low consumption (Sundays or public holidays) and high production from renewable sources, DAM trading intervals with negative price were recorded. o In the Balancing Market (BM) the resulting cost for the first month of 2025 is about 22 lei/MWh. By GEO no. 6/ 2025, starting from 01 April 2025, a supplier is recognized the equivalent of the imbalance in the settlement process of the capping scheme in a percentage of 10% (compared to 5%, previously) of the equivalent value of the electricity purchased through all forward contracts and SPOT markets. o Analysis has shown that these costs are largely generated by unrecognized imbalances created by prosumers. The rapid development of the prosumers segment, the lack of historical data to make a forecast based on mathematical models, make it impossible to estimate the necessary acquisition without real time measurement data. o It is difficult to assess how the wholesale electricity and natural gas market will evolve in the coming period. Price volatility will continue to be very high, amid geopolitical tensions, increasing renewable energy production without major investments in storage capacity, but also continued low consumer demand, which is why prices are expected to follow a similar trend to that seen during 2024. ELECTRICITY MARKET Electricity weighted average price evolution on DAM1 (RON/MWh) Electricity price evolution on BM2 (RON/MWh) SOURCE: COMPANY DATA 1Source: ANRE, OPCOM; ²BM represents the sole price.
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25 GROUP’S FINANCIAL RESULTS 669 704 856 2023 2024 Q1 2025 The financial impact of the electricity market perspectives evolution – supply – 3M 2025 (3/3) Receivables’ analysis (acc. OMFP 1802/2014) o The balance of receivables increased by 2% (RON +71 mn.) at March 2025 compared to December 2024 and amounted to RON 3,767 mn. o Outstanding receivables* increased by RON 152 mn. (+22%) on 31 March 2025 (RON 856 mn.) vs 31 December 2024 (RON 704 mn.). The increase in outstanding receivables is temporary, mainly determined by outstanding receivables in the intervals 1-30 and 31-60 days, because, in accordance with Law 213/2024, the invoices were reversed and re-invoiced without the adjustment component, the process being completed in mid-February 2025.. o Outstanding receivables adjusted with turnover evolution increased by RON 97 mn. (+14%) on 31 March 2025 vs. 31 December 2024. RECEIVABLES STATUS IFRS 9 o Bad debt allowances are determined according to IFRS 9 “Financial instruments” based on “expected credit loss” model. In applying IFRS 9, the Group has identified 5 clusters of customers based on shared risk characteristics: 3 separate clusters for the distribution subsidiaries and 2 clusters (households and non-households) for the supply subsidiary. o A significant part of the bad debt allowances refers to clients in litigation, insolvency or bankruptcy procedures, many of them being older than five years. The Group will derecognize these receivables together with the related allowances after the finalization of the bankruptcy process. o The Group has considered all the information available without undue costs (including forward looking information) that may affect the credit risk of its receivables since original recognition, thus recording at 31 March 2025 a bad debt allowance in amount of RON 59.3 mn. Total outstanding receivables adjusted with exclusion turnover (RON mn.)Outstanding receivables (RON mn.) 704 801 2024 Q1 2025 SOURCE: COMPANY DATA
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26GROUP’S FINANCIAL RESULTS (1.7) (8.3) (1.0) 0.7 (9.0) (8.0) (7.0) (6.0) (5.0) (4.0) (3.0) (2.0) (1.0) - 1.0 2.0 2023 2024 Q1 2024 Q1 2025 0.8 (13.2) 1.2 0.6 (14.0) (12.0) (10.0) (8.0) (6.0) (4.0) (2.0) - 2.0 2023 2024 Q1 2024 Q1 2025 Electrica Serv (SERV) (IFRS-EU) General overview SERV provides repair and other energy-related services to third parties, as well as several services to the companies within the group (vehicles rental, building rental etc.). SERV will multiply its efforts to develop the market for "green energy" power generation solutions - photovoltaic power plants and reactive energy compensators - by strengthening the partnership with EFSA in finding solutions and opportunities for customer efficiency, through the installation of photovoltaic panels and reactive energy compensators, smart lighting solutions, backup power, smart metering. Financial results In Q1 2025, the evolution of the financial results remained at the same level compared to the first quarter of 2024, as shown in the following charts, recording a net profit of RON 1 mn. in Q1 2025. Revenues (RON mn.) Net result (RON mn.) EBITDA (RON mn.) 105 52 18 23 0 20 40 60 80 100 120 2023 2024 Q1 2024 Q1 2025 SOURCE: COMPANY DATA, CONSOLIDATED FINANCIAL STATEMENTS
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27GROUP’S FINANCIAL RESULTS 14.1 12.4 0.4 2.4 0.0 2.0 4.0 6.0 8.0 10.0 12.0 14.0 16.0 2022 2023 Q1 2024 Q1 2025 2.2 5.0 (1.0) (5.4) (6.0) (4.0) (2.0) - 2.0 4.0 6.0 2022 2023 Q1 2024 Q1 2025 Production Segment (IFRS-EU) General overview Starting with the year 2020, the Electrica Group proposed the development of a portfolio of electricity production capacities from renewable sources (wind and photovoltaic). At the moment, the production segment is mainly represented by a photovoltaic park with an installed capacity of 7.5 MW in Stanesti, Giurgiu (formerly owned by Electrica’s subsidiary EEV1, absorbed through the merger with the effective date of 31 December 2023). The Vulturu, Vrancea photovoltaic park with an installed capacity of 12 MWp was completed on 21 October 2024 and is connected to the National Energy System operating during the trial period according to the appliable regulations. The photovoltaic park Satu Mare 2 (SWE), with an installed capacity of 27 MWp is in the final phase of execution. Financial results In Q1 2025, EBITDA had an increase of RON 1.9 mn. compared to Q1 2024, mainly generated by the increase in revenues from the sale of electricity following the start of the trial period for the Vulturu photovoltaic park; Net result in Q1 2025 decreased by RON 4.3 mn. mainly due to the negative impact of the financial result (RON -1,7 mn.) and the deferred tax (RON -4,7 mn.), mitigated by the positive evolution of EBITDA (RON +1,9 mn.). Revenues (RON mn.) Net result (RON mn.) EBITDA (RON mn.) Production Segment – Structure at 31 March 2025 Subsidiary/Associate Installed capacity % shareholdings as of 31 March 2025 SE Electrica SA (“ELSA”)* 19.5 100% Sunwind Energy S.R.L. (“SWE”) 27.1 100% New Trend Energy S.R.L. (“NTE”) 62.0 100% Crucea Power Park S.R.L. (“CPP”)** 121.0 100% Foton Power Energy S.R.L. (“FPE”) 77.5 100% Total 307.1 Source: Electrica *The companies Electrica Productie Energie ("EPE"), Electrica Energie Verde 1 ("EEV1") and Green Energy; Consultancy & Investments ("GEC&I") were absorbed by ELSA, with the effective date 31.12.2023 **Wind project, the rest are photovoltaic projects 9.7 7.4 (0.2) 1.7 (2.0) - 2.0 4.0 6.0 8.0 10.0 12.0 2022 2023 Q1 2024 Q1 2025 SOURCE: COMPANY DATA, CONSOLIDATED FINANCIAL STATEMENTS
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28GROUP’S FINANCIAL RESULTS Group Liquidity GROUP LIQUIDITY ❑ At Group level, the total liquidity available in cash and overdraft limits as of 31 March 2025 was RON 2,072 mn., mainly due to the lower level of use of the overdraft limits in the distribution and supply segments. The level of cash on 31 March 2025 was RON 885 mn., increasing compared to the previous reporting period. ❑ The Group takes all the necessary measures with its partner banks to contract supplementary lines of credit to ensure the financing. Moreover, the cash pooling structures allow the Group to optimize the use of liquidity between companies and to quickly cover unforeseen liquidity needs. ❑ The level of receipts, payments and liquidity is monitored continuously and closely at the level of each company of the Group and consolidated in order to detect any deviation in time. Total liquidity (RON mn.) 109 147 188 377 251 478 641 454 885 117 195 336 123 1,051 598 938 627 1,187 226 342 523 500 1,301 1,076 1,578 1,082 2,072 31 Mar 2023 30 Jun 202330 Sep 2023 31 Dec 2023 31-Mar-24 30-Jun-24 30-Sep-24 31-Dec-24 31-Mar-25 Cash, cash equivalents and deposits Available overdrafts limits SOURCE: COMPANY DATA
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29GROUP’S FINANCIAL RESULTS Distribution of dividends 245 292 251 245 248 246 248 153 40 40 60 250 292 251 245 283 245 283 306 23 22 66 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 Distributed dividends Distributable profit Payout ratio 100% 0.7217 0.8600 0.7415 0.7237 0.7300 0.7248 0.7300 0.4500 0.1178 0.1178 0.1767 6.1% 6.9% 5.2% 7.3% 6.8% 6.9% 6.0% 5.2% 1.4% 0.9% 1.4% 2014 2015 2016 2017 2018 2019* 2020 2021 2022 2023 2024 269.5 300.9 265.0 258.2 298.0 257.8 298.4 321.8 24.3 23.9 69.3 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 Note (1) Dividend yield (%) is calculated as Gross Dividend per share/Closing share price on BSE at each ex-date; (2) Dividend payout ratio is calculated as Gross Dividends/Net profit distributable to dividend, where Net profit distributable to dividends is Net profit according to individual financial statements of Electrica SA less the legal reserves. For 2019, the net distributable profit included also the net gain from the SPO, amounting to RON 1.2 mn For 2022, in addition to the net distributable profit of RON 23.026 mn, after legal reserves appropriation, there was approved to be distributed in dividends an amount of RON 16.97 mn from other reserves. For 2023, in addition to the net distributable profit of RON 21.780 mn, after legal reserves appropriation, there was approved to be distributed in dividends an amount of RON 18.22 mn from other reserves. For 2024, the dividend yield is calculated at the dividend proposal date, 27 March 2025, since ex-date is on 3 June 2025 Distributed gross dividends and distribution rates(2) (2014 – 2024) (mn. RON / %) Gross dividend per share (RON) and Dividend Yield(1) (%) Standalone net profit (2014 – 2024*) * Preliminary for 2024 | SOURCE: BVB. COMPANY * Note: Dividends refer to each financial year indicated and are paid during the following year
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Main Corporate Events3
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31 MAIN CORPORATE EVENTS Relevant Corporate Events in 2025 and up to date (1/3) ▪ On 5 February 2025, the OGMS and EGMS took place, physically and online, through the voting platform https://electrica.voting.ro/, with a quorum of approx. 88% of the total voting rights, which mainly approved: o Election of Mr. Mihai Diaconu, as a member of the Board of Directors of the Company to fill the vacant position, following the resignation of Mr. Dumitru Chirita. The term of office of the elected administrator will be equal to the period remaining until the expiration of the term of office related to the vacant position, namely until 26 January 2028; o appointment of the company Deloitte Audit S.R.L. as auditor of Electrica S.A. regarding the sustainability reporting/sustainability statement prepared in accordance with the requirements of Directive (EU) 2022/2464 for a contract duration of 2 years, respectively for the financial years 2024 and 2025 o the approval of the EUR 253 million investment in the "Crucea Est" wind farm, with an installed capacity in turbines of up to 138 MW and a projected electricity storage capacity of 60 MWh (15 MW x 4h), located in Constanta county, in the area of Crucea and Pantelimon (project in the "ready-to-build" phase) through the company fully owned at the date of this report by Crucea Power Park SRL, as well as the granting by ELSA of a loan to the associate of the company Crucea Power Park SRL, in the amount of up to EUR 253,000,000, in order to finance the investment works necessary for the completion and operation of the "Crucea Est" wind power plant; o amendment of article 5 par. (2) and (3) of the Articles of Association of the Electrica S.A. Energy Company, in the sense of updating the main CAEN code and updating and completing the CAEN codes related to the secondary activities of the company, according to the new legal regulations. ▪ On 29 April 2025, the EGMS and OGMS took place, physically and online, through the voting platform https://electrica.voting.ro/, as well through the mobile application Electrica IR, with a quorum of 89.9498% of the total voting rights, respectively of the Company's share capital in the case of the EGMS and 89.9442% of the total voting rights, respectively of the Company's share capital, for the OGMS, which approved, mainly: o The Consolidated and Standalone Financial Statements for the year 2024, according to OMFP 2844/2016 and IFRS-EU, based on the BoD Report, integrated with Sustainability Reporting, and the Auditor's Report o The Electrica’s BoD proposal regarding the distribution of the net profit of the financial year 2024, respectively the approval of the total value of gross dividends of RON 60 mn. and the value of the gross dividend per share of RON 0.1767, as well as the approval of the dividend payment date for the financial year 2024 as 27 June 2025. Ex-date is 3 June 2025 and the registration date is 4 June 2025. o The 2025 Budget at the consolidated and standalone levels o Extension of the mandates for ELSA and EFSA for modifying the banking contracts, financing contracts and/or guarantee contracts/guarantees related to credit contracts concluded within the ceiling approved through ELSA’s EGMS Resolution no. 3/09.06.2022 for 2022, respectively throough item no. 1 of the EFSA EGMS Resolution no. 5/14.06.2022 for the year 2022, including, but not limited to the purpose, type, use, modification of the credits validity and the guarantees established. ELSA’S GMS
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32 MAIN CORPORATE EVENTS Relevant Corporate Events in 2025 and up to date (2/3) MAIN DECISIONS OF THE BOD ▪ On 29 January 2025, the ELSA Board of Directors elected Mr. Mihai Diaconu as Chairman of the Board of Directors starting with 1 February 2025, for the duration of his mandate as director and established the composition of the Board of Directors Committees until 31 December 2025. The ELSA Board of Directors also abolished the positions of vice-chairmen of the Board starting with 29 January 2025. ▪ On 6 March 2025, ELSA’s BoD convened the EGMS and OGMS on 29 April 2025. ▪ On 27 March 2025, Ms. Valentina Siclovan rennounced to the position of member of the Board of Directors of the Company and of the Chair of the Consultative Audit and Risk Committee starting on 1 May 2025 (30 April 2025 being the last day of the mandate). ▪ On 29 April 2025, Electrica’s BoD appointed Mr. Mihnea-Andrei Craciun as interim member of the BoD, starting on 1 May 2025 until the next Ordinary General Meeting of Shareholders (OGMS) or until 30 April 2026 at the latest. ▪ On 29 April 2025, Electrica’s BoD decided to modify the composition of its consultative committees, starting on 1 May 2025, with the following composition: o The Strategy and Corporate Governance Committee: Mr. Marian Cristian Mocanu – Chair; Mr. Mihai Diaconu – member; Mr. Dragos Valentin Neacsu – member. o The Nomination and Remuneration Committee: Mr. Adrian-Florin Lotrean – Chair; Mr. Marian Cristian Mocanu – member; Mr. Ion Cosmin Petrescu – member. o The Audit and Risk Committee: Mr. Adrian-Florin Lotrean – Chair; Mr. Marian Cristian Mocanu – member; Mr. Ion Cosmin Petrescu – member. o The Climate Governance and Public Affair Committee: Mr. Dragos Valentin Neacsu – Chair; Ms. Georgiana Bogasievici – member; Mr. Marian Cristian Mocanu – member; ▪ On 29 April 2025, Electrica’s BoD approved the 2025 Consolidated value of the Investment Plan (CAPEX) of the Electrica Group, in total amount of RON 1.5445 bn. ▪ On 14 May 2025, Electrica’s BoD decided to modify the composition of its consultative committees, starting on 14 May 2025. The consultative committees will function in this composition until 31 December 2025, respectively: o The Strategy and Corporate Governance Committee: Mr. Marian Cristian Mocanu – Chair; Mr. Mihai Diaconu – member; Mr. Ion Cosmin Petrescu – member; o The Nomination and Remuneration Committee: Mr. Adrian-Florin Lotrean – Chair; Mr. Marian Cristian Mocanu – member; Mr. Ion Cosmin Petrescu – member. o The Audit and Risk Committee: Mr. Dragos Valentin Neacsu – Chair; Mr. Adrian-Florin Lotrean – member; Mr. Mihai Diaconu – member. o The Climate Governance and Public Affair Committee: Ms. Georgiana Bogasievici – chair; Mr. Dragos Valentin Neacsu – Member; Mr. Mihnea Craciun – member;
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33 MAIN CORPORATE EVENTS Relevant Corporate Events in 2025 and up to date (3/3) OTHER RELEVANT EVENTS ▪ In 31 January 2025, the second 4-year term of the Executive Director of the Distribution Department, Ms. Livioara Sujdea, effectively ended. ▪ On 7 February 2025, ELSA acquired the rest of the shares up to 100% of the share capital of Crucea Power Park S.R.L. ▪ On 28 February 2025, Electrica published the preliminary financial results for 2024 according to OMFP 2844/2016 ▪ On 6 March 2025, Electrica informed investors about inconsistencies discovered in the payment processes at the level of its subsidiary Electrica Serv, with an estimated impact at that time of a maximum of RON 1 million. In addition to notifying the competent authorities and the financial auditor and carrying out the internal control, the economic director was revoked from office, the general manager was suspended by the consensus of the parties for 30 days or until the situation was clarified, and the executive management was reorganized to ensure operational continuity and strengthen the internal control mechanisms, in order to be able to prevent such situations in the future. ▪ On 6 March 2025, Electrica published the EGMS and OGMS Convening Notice for April 29, 2025 ▪ On 24 March 2025, Electrica informed investors about a dispute of the DEER subsidiary ▪ On 25 March 2025, Electrica informed investors about a dispute of the DEER subsidiary ▪ On 27 March 2025, Ms. Siclovan announced to the company that she was resigning from the Board of Directors as of May 1, 2025 (April 30, 2025 being the last day of her mandate) ▪ On 28 March 2025, Electrica announced that the rating agency Fitch Ratings upgrades Electrica's rating outlook from "BBB-" Negative to "BBB-" Stable ▪ On 29 March 2025, Electrica published clarifications regarding the qualified opinion expressed by the financial auditor on the consolidated financial statements for 2024 ▪ On 22 April 2025, Electrica lanched the Electrica IR mobile app for online voting in General Meetings of Shareholders. This is available both on Android mobile devices, as well as on the Apple mobile devices (starting on 13 May 2025). ▪ On 30 April 2025, Electrica received a notification regarding exceeding the threshold of holding 10% of the voting rights by NN Group N.V. (up to 10.08%). ▪ On 30 April 2025, Electrica announced the signing of a RON 3.1 bn. syndicated loan, including a credit facility intended to finance eligible green projects and support a sustainable business model. The loan is structured in four credit facilities and will be used to partially refinance existing bank exposure, support infrastructure investment plans and develop the renewable energy production portfolio. ▪ On 7 May 2025, Electrica published the Q1 2025 Preliminary Key Operational Indicators.
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Group Strategy implementation4
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35GROUP STRATEGY IMPLEMENTATION Electrica Group – Corporate Strategic Objectives (updated December 2024) o Renewable energy production - Target 2030 - 1000 MWh, o Energy storage 2030 target: 900 MWh o Analysis of the possibilities of implementing predictable web production solutions o Opportunities – advanced forms of energy storage, such as hydrogen or other emerging technologies o Implementation of the investment plan worth at least 3.7 bln. lei in the next 5 years (agreed with ANRE in PR5) o Reducing costs with network losses o Automation of transformer stations and substations – 2030 target: 100% substations and 15% transformer substations Increasing grid capacity to integrate renewable generation o Implementation of smart grid solutions - Target 2030: minimum 70% total refurbished assets o Introduction of new value-added services for the profitable growth of the B2B and B2C segments – energy efficiency, smart home, complementary services (advanced digital ecosystems, EVC, energy storage, AI, IoT, etc.) o Implementation of a network of charging points for electric vehicles - 2030 target: 500 charging points on main routes o Sustainable growth of the electricity supply market share - Target: 18-20% by 2030 o Optimizing processes and reducing operational costs by optimizing processes, developing the feedback system and increasing the efficiency of field teams o Performance Management o One SAP and Process Automation (RPA) – 2030 Target: 80% o Automation of the customer interface (contracting, invoicing, chatbots, etc.) - 2030 target: 80% o Transition to predictive maintenance through digital systems for 100% of the assets critical to the distribution activity o Workforce Management o Strengthening cybersecurity o Skills development and employee retention: • Development and acceleration of the internal training and professional development program • Development of programs and partnerships with academia and industry associations • Cultural transformation – realigning the organizational culture to the vision, mission and core values of the organization o Development and implementation of ESG practices: on all three dimensions (environmental, social, governance) Sustainable growth of profitability Development of energy production and storage capacity Sustainable growth of profitability Development and modernization of distribution infrastructure Sustainable growth of profitability Diversifying the services offered to customers Streamlining operations Operational optimization Streamlining operations Digitalization Sustainable development | MORE INFORMATION HERE: ELECTRICA 2030: STRATEGY FOR A SUSTAINABLE AND INNOVATIVE FUTURE
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36GROUP STRATEGY IMPLEMENTATION Sustainability is one of the Values of Electrica As important steps we can list: o the establishment and functioning of the Climate Governance and Public Policy Committee at the Board of Directors level – an important step in defining and developing sustainability strategies; o development and approval of the 2024-2030 Sustainability Strategy. The strategy outlines Electrica's preparatory actions to ensure compliance with the highest international sustainability standards; o creation of the ESG Department – department dedicated to supporting the company's efforts in the field, planning, implementing and monitoring the Sustainability Strategy at Group and subsidiary level; o the creation of coordination structures on the topic of sustainability and ESG at the level of strategic and executive management at the Group level; o defining work teams on sustainability and ESG at the level of subsidiaries within the Group; o implementing action plans to reduce carbon emissions; o the update of internal procedures and preparation for integrated reporting starting in 2024; o launch of the Electrica Foundation and the project 'Children's Energy, Light of the Future”, development and approval of im[act projects for 2025; o the initiation of training programs in partnership with academic institutions, dedicated to both strategic management and operational structures on sustainability and ESG topics. o The publication of the Sustainability Reporting for the financial year 2024 (Sustainability Statement 2024) in line with the requirements of the CSRD (Corporate Sustainability Reporting Directive) and the ESRS (European Sustainability Reporting Standards). Sustainability reporting is part of the Annual Report, alongside the administrators' report and the financial statements. The elements of novelty that we can identify concern the strategic orientation at the company level to ensure that we align ourselves with the highest environmental and social standards. From the energy solutions we offer, to the services we provide, every dimension of our activity is viewed through the lens of sustainability.
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Shareholdings’ structure and evolution of the shares and GDRs5
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38SHAREHOLDINGS’ STRUCTURE AND EVOLUTION OF THE SHARES AND GDRS Monthly Volume and Average Price of Electrica’s Shares and GDRs (1 Jan 2024 – 26 May 2025) • Market Capitalization : RON 4.75 bn (26 Mar 2025) • Dividends from 2014 net profit – RON 0.7217/share; Total – RON 250 mn; Yield=6.11% • Dividends from 2015 net profit – RON 0.8600/share; Total – RON 292 mn; Yield=6.86% • Dividends from 2016 net profit – RON 0.7415/share; Total – RON 251 mn; Yield=5.22% • Dividends from 2017 net profit – RON 0.7237/share; Total – RON 245 mn; Yield=7.30% • Dividends from 2018 net profit – RON 0.7300/share; Total – RON 247 mn; Yield=6.76% • Dividends from 2019 net profit – RON 0.7248/share; Total – RON 246 mn; Yield=6.90% • Dividends from 2020 net profit – RON 0.7300/share; Total – RON 248 mn; Yield=6.04% • Dividends from 2021 net profit – RON 0.4500/share; Total – RON 153 mn; Yield=5.22% • Dividends from 2022 net profit – RON 0.1178/share; Total – RON 40 mn Yield =1.37% • Dividends from 2023 net profit – RON 0.1178/share; Total – RON 40 mn Yield =0.86% • Dividends from 2024 net profit – RON 0.1767/share; Total – RON 60 mn Yield =1.38%* • IPO price – RON 11; USD 13.66 • Closing price on first day on BSE – RON 11.25 • Closing price on first day on LSE – USD 13.80 • Highest closing price on BSE – RON 16.30 (17 Jul 2024) • Highest closing price on LSE – USD 15.30 (19 Sep 2014) • Lowest closing price on BSE – RON 6.10 (29 Sep 2022) • Lowest closing price on LSE – USD 5.25 (9 Nov 2022) • Price on BVB – 14.00 RON (26 May 2025) • Price on LSE – 12.10 USD (26 May 2025) • Position in the top liquidity on BSE – 9h (last 12 months) (348.5 mil. RON) • Total liquidity since IPO on BSE – RON 4,93 bn. • Total liquidity since IPO on LSE – USD 163,2 mn. | SOURCE: COMPANY DATA, BUCHAREST STOCK EXCHANGE, LONDON STOCK EXCHANGE * Calculated based on the close price as of 27 March 2025 3,134,591 4,407,763 11,603,624 2,304,589 1,475,650 863,703 4,087,754 1,998,248 1,341,2351,115,767 4,476,413 1,951,270 1,206,905 985,814 1,378,3601,735,945 2,424,072 12,400 1,000 35,224 0 4,000 10,600 32,680 34,620 0 0 52 0 16 4,000 0 0 0 11.53 13.12 12.80 10.30 13.00 12.10 - 2.00 4.00 6.00 8.00 10.00 12.00 14.00 16.00 - 2,000,000 4,000,000 6,000,000 8,000,000 10,000,000 12,000,000 14,000,000 BSE - Shares - Monthly volume LSE - GDRs - Monthly volume (shares equiv.) BSE - Shares - Average monthly closing price (RON) LSE - GDRs - Average monthly closing price (USD)
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39SHAREHOLDINGS’ STRUCTURE AND EVOLUTION OF THE SHARES AND GDRS Electrica’s adjusted closing price vs BET-TR (1 January 2025 – 26 May 2025) 0.61 7.97 1.52 6.06 -20.00 -15.00 -10.00 -5.00 0.00 5.00 10.00 15.00 20.00 BET-TR Electrica adjusted price with dividends EL: 6.06% BET-TR: 7.97%
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40SHAREHOLDINGS’ STRUCTURE AND EVOLUTION OF THE SHARES AND GDRS Electrica’s Median monthly volume vs FTSE Russell liquidity threshold (admission and maintenance) - 1 January 2023 – 30 April 2025 78,705 80,892 77,330 77,493 77,294 19,648 78,728 79,632 79,800 16,995 124,081 271,539 114,403 130,317 247,766 53,498 43,205 92,612 70,000 99,691 42,912 27,028 90,494 71,008 70,295 27,340 69,612 70,541 76,734 0 50,000 100,000 150,000 200,000 250,000 0 50,000 100,000 150,000 200,000 250,000 Monthly Median Volume FTSE Russell Criterion (admission) FTSE Russell Criterion (maintenance) First maintenance Second maintenance Third maintenance Thanks to the well-calibrated Market Maker contracts for the Issuer, Electrica fulfilled in 10 months from 2023 all the criteria for entering to the FTSE Russell indices, the official announcement regarding admission to the mentioned indices coming on 27 February 2024, while the official entry was in the session of 18 March 2023. The calculation was made according to the free-float threshold at the end of January 2024. For maintenance in the FTSE Russell indices, the criteria are 20% lighter than for entry, respectively the median volume is 0.04% of the free-float and must be fulfilled in 8 months out of 12 (from 2 consecutive semesters). The first maintenance (for Jul 2023 – Jun 2024) was confirmed on 23 August 2024. The second maintenance (Jan 2024 - Dec2024) was confirmed on 24 February 2025. The next maintenance (Jul 2024 – Jun2025) will be evaluated in Aug 2025, the criteria have already been met in 7 out of the past 10 month s | SOURCE: COMPANY DATA
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41SHAREHOLDINGS’ STRUCTURE AND EVOLUTION OF THE SHARES AND GDRS Shareholder Structure at 31 March 2025 • NN Group NV own, directly or indirectly, between 10% and 33% of the total number of share with voting right • Paval Holding and Allianz SE own, directly or indirectly, between 5% and 10% of the total number of shares with voting right
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Appendices Regulatory Aspects – Distribution Regulatory Aspects – Supply 6
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43 APPENDICES - REGULATORY ASPECTS Important Regulatory Changes – Distribution Activity (1/5) ❑ RP5 Regulations on Distribution tariffs o RRR: for RP5 was approved by ANRE Order no. 55/6.08.2024, the value of 6.94% for RRR. o Methodology for establishing distribution tariffs - for RP5 was approved by ANRE Order no.67/17.09.2024 o Distribution tariffs approved for 2025 - applicable starting with 1st of January 2025, was approved by ANRE Order no.97/20.12.2024 DISTRIBUTION ACTIVITY ❑ ANRE Order no.97/2024 regarding the approval of the specific tariffs: o 2025 single distribution tariffs for DEER starting with January 1, 2025, average increase 12.5%(nominal terms), 8.3% (real terms) compared to January 1, 2024 o valuesof RP5 investment plans for DEER: 3,702 million RON from own sources and 2,984 million RON from financial contributions, o minimum mandatory value for investments made from own sources: total 3,569 million RON of which 3,034 million RON in grid ❑ GEO no. 119/2022, GEO no. 153/2022 and GEO no.32/2024 for the amendment and completion of GEO no. 27/2022 o The additional costs of the purchase of electricity for NL are capitalized quarterly, RRR = 50% of the RRR applicable to each period, until 31st of March 2025 o DSO buys from OPCOM through an annual/monthly mechanism 75% of the quantity forecast and validated by ANRE o OPCOM single buyer during the period 1st of January 2023 - 31st of March 2025, through the centralized electricity purchase mechanism ❑ GEO no. 21/2025 amending and supplementing Title X of Law no. 227/2015 on the Fiscal Code: o The annual pole tax is calculated by applying a 0.5% quota on the net value of the constructions, for which no building tax/building tax is due according to the provisions of Title IX, existing in the taxpayers' patrimony on December 31 of the previous year/on the last day of the amended fiscal year preceding the one for which the construction tax is due. 175.26 229.96 238.63 144.73 182.24 190.16 158.84 171.97 185.49 0 0 236.1 56.7 69.44 74.69 57.49 71.38 74.86 54.52 62.32 63.05 0 0 80.69 23.35 31.23 34.72 23.77 29.09 31.22 24.63 28.48 29.55 0 0 34.14 0 50 100 150 200 250 300 April-22 April-23 April-24 April-22 April-23 April-24 April-22 April-23 April-24 April-25 MN TN TS DEER LV MV HV
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44 APPENDICES - REGULATORY ASPECTS Important Regulatory Changes – Distribution Activity (2/5) ❑ The methodology for establishing distribution tariffs for RP5 was approved by ANRE Order no. 67/17Sep2024 and entered into force on 20Sep2024 I. OPEX: ▪ OPEXC and the efficiency factor will be established based on the OPEX study, carried out by ANRE. ▪ PEX is not subject to efficiency and will be adjusted annually with the inflation rate (IR) and by 5%, correlated with the real wage growth index published by the NSFC ▪ Research and development costs will not be subject to efficiency and can be requested by DSOs in the amount of a maximum of RON 5 million per RP5 total. ▪ Non-recognition of costs with affiliates for representation, regulatory advice and profit with subcontracted parties. ▪ The inflation correction between realized and forecasted IR will be applied to PEX only if the difference is positive. II. RAB / CAPEX ▪ RAB RP5 will be inflated with the forecasted IR used to calculate the RRR. ▪ Investments in the form of updates of IT applications or databases will not be recognized in RAB, they will be recognized as OPEX NC. ▪ Endowment-type assets will be recognized in RAB if DSO demonstrates their efficiency. III. RRR incentives ▪ An incentive of 0.5% will be granted for investments in networks made within the projects co-financed from non-reimbursable EU funds. ▪ An incentive of 1% is granted for the value that exceeds the minimum mandatory value for grid investments. ▪ The RRR will increase or decrease by 0.5%, depending on the level of performance achieved regarding the development of a smart grid; ▪ RRR is reduced by 2% for investments in endowments Commissioning in RP5 (administrative buildings and tangible and intangible fixed assets). As an exception, the RRR is not reduced in the case of equipment used for works in the grid and which lead to the maintenance and/or improvement of the grid parameters. IV. NL ▪ NL targets will decrease linearly during RP5 by 15% for LV and by 6% for MV. ▪ The recognized NL price will not exceed the weighted average of the prices realized by the DSOs, plus 5%. ▪ In the periods of crisis on the energy market, declared by normative acts, the NL price realized by the DSOs will be recognized. V. Revenues and tariffs ▪ The regulated revenue will consist of non-NL revenue and NL revenue, the non-NL revenue is linearized, and the average tariff component will be capped at 10%. ▪ The NL revenue is the basis for the establishment of NL tariffs that will be recovered from both consumers and producers. ▪ Pole rental activity will be regulated and will be included in distribution service revenue. DISTRIBUTION ACTIVITY
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45 APPENDICES - REGULATORY ASPECTS Important Regulatory Changes – Distribution Activity (3/5) ❑ ANRE Order no. 97/20.12.2024 regarding the approval of the specific tariffs for the electricity distribution service and the price for reactive electricity, valid from 1 January 2025, for DEER., as well as the values of the investment plans for the RP5. Annex 1 - Specific tariffs for the electricity distribution service applied by DEER, valid from 1 January 2025 Annex 2 - Values of the annual investment plans of DEER corresponding to PR5, broken down by financing sources Annex 3 - Minimum mandatory value for the total investments made from own sources and the minimum mandatory value for investments made in the electricity distribution networks from own sources for each year of PR5, for DEER DISTRIBUTION ACTIVITY Concessionaire distribution system operator Voltage level Specific tariff applicable from 1 Jan. 2025 (RON) Non NL Component NL useful Component NL useful_c Component (RON/MWh) (RON/MWh) (RON/MWh) (RON/MWh) (1) (2) (3)=(4)+(5)+(6) (4) (5) (6) DEER HV 34.14 26.32 7.03 0.79 MV 80.69 46.38 30.84 3.47 LV 236.10 146.35 80.68 9.07 Annex 1 Annex 2 Annex 3 Sursa de finanţare Total 2025 2026 2027 2028 2029 Own Sources RON 3,701,999,999 706,000,000 727,000,000 747,000,000 754,000,000 768,000,000 Financial Contributions RON 2,983,592,121 336,316,227 650,632,738 646,009,906 643,386,176 707,247,073 T O T A L RON 6,685,592,120 1,042,316,227 1,377,632,738 1,393,009,906 1,397,386,176 1,475,247,073 Total 2025 2026 2027 2028 2029 Mandatory minimum value for the total investments made from own sources for each year of the fifth regulatory period (real terms 2024) RON 3,569,262,625 681,333,300 702,144,828 723,378,761 727,692,708 734,713,028 Mandatory minimum value for investments made in electricity distribution networks from own sources for each year of the fifth regulatory period (real terms 2024) RON 3,033,873,231 579,133,305 596,823,104 614,871,947 618,538,802 624,506,074
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46 APPENDICES - REGULATORY ASPECTS Important Regulatory Changes – Distribution Activity (4/5) ❑ ANRE order no. 53/30.07.2024 for the approval of the Methodology regarding the allocation of the electrical network capacity for the connection of the producers, as well as for the modification and completion of some ANRE orders in the field of connecting users to the public interest electrical network o The methodology is applied starting from 01.01.2026 and aims to establish the rules regarding the allocation by auction of the available capacities in order to connect production/consumption and producers, with installed powers greater than or equal to 5 MW. o This regulation will replace the current concept that establishes the obligation of connection applicants to participate in general strengthening works upstream of the connection point with a mechanism for allocating power network capacity based on auction. o The development and administration of the platform for auctions and the organization of the respective activity is carried out by the TSO. o Through this mechanism, the amounts collected through the auction for the additional electricity network development works, necessary to cover the requests of the applicants for capacity allocation, are used by the network operators for the development of the electricity networks. o The order revises the provisions of the Regulation regarding the connection of users to the public interest electricity networks, through measures that mainly refer to the establishment of the 5% financial guarantee provided for in the permit connection (ATR) issued for production/consumption and new producers with installed power greater than 1 MW regardless of whether or not the connection solution provides for strengthening works in the electrical networks upstream of the connection point. ❑ ANRE Order no.1/2025 regarding the modification and completion of the Framework Conditions for the realization of the implementation calendar of the smart metering systems at the national level approved by ANRE Order no. 177/2018. Main changes: o the DSO proposal to change the SMI implementation schedule must be accompanied by a cost-benefit analysis; o the technical conditions that must be met by the networks in which the SMI is to be integrated; o the "Average annual success rates of data transmission from meter to HES/MDMS" is modified: minimum 80% until 2026 and 90% starting from 2027; o conditions for granting users access to non-validated consumption data, in near real time and ensuring security and interoperability conditions; o provisions for the connection of new users located in areas planned for integration into the SMI, as well as the obligation of the DSO to integrate into the SMI with priority places of consumption/production and consumption located in implementation areas where a concentration of prosumers has been created, respectively in areas where notifications regarding the establishment of energy communities have been registered; ❑ ANRE Order no. 6/2025 - approval of the Regulation for granting licenses and authorizations in the electricity sector o improving the process of granting/modifying/suspending/withdrawing authorizations and licenses of economic operators carrying out activities in the electricity sector, by reviewing the conditions applicable to applicants; o including a chapter dedicated to the transfer of energy capacities in which the modalities of realization/exploitation of energy capacities that are the subject of a transfer are regulated, either as a result of the conclusion of contracts through which the ownership/use right over them is transferred, or as a result of a merger/division process of the holders of establishment authorizations/licenses’ o including in the Regulation the situation of modification of the license for the commercial exploitation of energy capacities by including in its content some energy capacities over which the applicant may hold provisional exploitation rights, until the date on which the license holder obtains the definitive exploitation right, in in the case of the transfer of ownership/use rights over the respective energy capacities. o The order is under public consultation and the main changes aim to accelerate the licensing process and eliminate practices that are not in accordance with the legal provisions. DISTRIBUTION ACTIVITY
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47 APPENDICES - REGULATORY ASPECTS Important Regulatory Changes – Distribution Activity (5/5) ❑ Draft Order regarding the approval of the Methodology for establishing performance indicators in relation to the development of smart grid that promotes energy efficiency and the integration of electricity produced from renewable sources. Within the Methodology it is proposed: o Establishing a set of indicators to monitor: A. the quality of the electricity distribution/transportation service; B. integration of electricity production from renewable sources (RES), storage facilities and flexibility services; C. the level of digitization of grid. o The evaluation of the performance of each network operator (NO) is done through a composite performance indicator, determined as a weighted average of the monitored indicators. o The monitoring of the indicators and the determination of the composite performance indicator is done annually, starting in 2027. o In 2024-2025, the composite indicator is determined as a weighted average based on quality indicators, production integration indicators, storage facilities and flexibility services, and the weighting coefficients are equal. o For the indicators that reflect the degree of digitization of the networks, it is proposed to establish some targets that must be reached by the OR. o Thresholds against which the RRR is increased or decreased by 0.5% depending on the value achieved in a year of the composite performance indicator: i. if it is higher than 90%, the RRR is increased by 0.5%; ii. if it is lower than 70%, the RRR is decreased by 0.5% ❑ Draft order for amending and supplementing the Procedure for substantiating and approving the development and investment plans of the DSOs, approved by ANRE Order no. 98/2022. The draft aims to harmonize with the amendments made to the Methodology for setting distribution tariffs PR5, and the main amendments refer to: o Investment efficiency - reflected in terms of the benefits brought to network users; o Development Plans (DP) development in consultation with relevant users: county councils, local and central public authorities, producer associations, consumer associations; o DP transparency - publication by the DSOs of the results expected to be obtained: the volume of new/modernized/refurbished installations, the increase in network capacity for the integration of consumption and production. o Investments in facilities - clarifications regarding the classification of facilities (those used in grid have WACC 6.94%, the rest have WACC 4.94%); o Non-inclusion in the RAB of interest, bank commissions and exchange rate differences related to loans for financing tangible and intangible assets put into operation ❑ Draft ANRE Order for the amendment, completion and repeal of some ANRE orders on the ANRE electricity market – public consultation Provides for the completion of ANRE regulations on the forward electricity markets by introducing the obligation to pay an advance of 30% for certain contracts and specifying the price of transactions including Tg components without being subsequently adjusted. Main provisions: o The obligation to pay in advance of 30% of the total value of the contract for forward transactions that:• have a delivery start date of more than one month;• have a delivery duration of at least 3 months;• applies to both standard contracts and those concluded on flexible product markets (e.g. PCCB-LE-flex) and through RSE;• is found in all three amended regulations: Order no. 134/2022, Order no. 12/2023 and Order no. 20/2023. o Clarification of the Tg regime (grid introduction tariff):• the price of a transaction will include the Tg component, but will not subsequently change depending on the tariff updates of these components;• the modification aims to avoid subsequent adjustments to the contractual price, to ensure predictability and comparability between markets; DISTRIBUTION ACTIVITY
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48APPENDICES - REGULATORY ASPECTS - DISTRIBUTION Methodology for establishing distribution tariffs RP5 Revenue non NL 2 A OPEX 3 Contr 1 = + OPEX 3 Noncontr 2 + Reactive Revenue&other activities profit 5 Amortization 3 + RRAB 4 4 - + KVP 6 VR NL B VR Useful NL 7 = + VR NL useful S 8 + VR NL useful T 9 • Starting point and the efficiency factor Xinitial is approved according to OPEX Study made by ANRE • Cost categories: o operating and maintenance subject of efficiency, target Xinitial. o DSOs keep 40% of operating cost efficiency of maximum 5% o Staff (PEX), not subject to efficiency o Research & Development, maximum 5 Mil. RON total RP5 OPEX Controllable1 • Taxes, royalties, fees, special weather conditions • Special expenses: updates IT applications / databases OPEX Noncontrollable2 • It is determined based on historical amortization and new investments. • Linear amortization for 25 years of the initial RAB assets. • Amortization of the Commissioning year is recognized ex-post. Amortization3 • RRR 6.94% Existing RAB • Incentive 1.0% Grid investments that exceed 85% of regulated amortization • Incentive 0.5 % Grid investments from non-refundable • Incentive / penalty 0.5 % correlated with smart grid • 2% decrease buildings & facilities not contributing to the grid improvement RRAB4 • Values of reactive energy revenue and the profit from others activities that exceed 5% reduce the initial revenue target of each year. Reactive Revenue & other activities profit5 • The correction related to the previous regulation period is added algebraically to the initial revenue target for the first year of the next period. KVP6 ▪ NL targets are approved by ANRE for each voltage level, for RP5 must reduce with: 6% in MV; 15% in LV • DSOs keep the efficiency gain (25% in HV/MV, 50% in LV) at the end of RP5, only if DSO is efficient everyyear • NL price is limited to the average of prices achieved by DSOs, plus 5% VR Useful NL7 • The additional costs for purchasing the NL energy until 31 march 2025 compared the costs included in tariffs are capitalized. • ANRE establishes annual NLuseful S (extra capitalized) VR NL useful S8 (extra capitalized) • ANRE approves NL quantity for additional 110 kV transits, broken down for producers (>5MW) and TSOs. • The DSOs recover the VR NLusefulT from the TSO (via ANRE decision) and from the producers by product specific tariffs. VR NL useful T9 (additional transit) • Specific tariffs applied to the customers (TDc) result by summing the following specific components: ➢ CTD non-NL VR nonNL / distributed quantity ➢ CTD NLuseful VR NLuseful / distributed quantity ➢ CTD NLusefulS VR NLusefulS / distributed quantity • CTD non-NL are limited to annual growth of 10% • Specific tariffs applied to the producers (TGD) result by summing the following specific components : ➢ CTGD NLuseful VR NLuseful / injected quantity ➢ CTGD NLusefulS VR NLusefulS / injected quantity Tariffs10 Regulated Revenue VR = VR nonNL 1 + VR NL 1. Regulated revenue nonNL is determined based on linearized revenue nonNL to which it is added annual correction 3. OPEX – Operating costs and maintenance 2. Initial revenue target nonNL is linearized with Xfinal. 4. RRAB – return on RAB
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49APPENDICES - REGULATORY ASPECTS - DISTRIBUTION Changes in distribution tariffs methodology (1/3) Methodology for establishing distribution tariffs - Summary RP5 vs RP4 OPEX 1 Reactive revenue and others activities (AA) profit - reducing initial revenue target. DSOs keep 5% of other activities profits. Pole rental activity it is unregulated. RRR RAB • 5.66% (Jan.2019); 6.9% (March 2019–April 2020); • 6.39% (May 2020 - Dec.2024) RRR RP4 incentives • 1% Grid investments • 2% Grid investments from non-refundable funds • 1% PCI Regulated amortization Ex-post recognition for amortization of the Commissioning year. OPEX Controllable – Costs that must be made more efficient do not include PEX and OSH; efficiency target of 2%; 60% of the operating efficiency gain (maximum 5%) is allocated to the customers. OPEX Noncontrollable – does not include the monopoly tax. Annual corrections - due to the deviation between the forecasted and approved values (quantities of distributed energy, NL price and quantity, OPEX, investments, revenues from reactive energy and AA profit). RRR RAB 6.94% RRR RP5 incentives • 1.0% Grid investments that exceed 85% of regulated amortization • 0.5% Grid investments from non-refundable funds Incentive / penalty 0.5% correlated with the performance of the smart grid 2% decrease buildings&facilities that do not contribute to the grid improvement RAB reduced with investments in upgrades IT applications and databases Regulated amortization Idem RP4 OPEX Controllable – Costs that must be made more efficient do not include PEX and R&D (research-development); the efficiency target is established by ANRE study; 60% of the operating efficiency gain (maximum 5%) is allocated customers. OPEX Noncontrollable - does not include the monopoly tax, but includes updates to IT applications / databases (excluded from RAB) and costs with staff with attributions in accessing EU funds and financial costs in accessing EU funds. Reactive revenue and others activities (AA) profit - reducing nonNL initial revenue target. DSOs keep 5% of other nonregulated activities profits. Pole rental activity it is regulated. Annual corrections - due to the deviation between the forecasted and approved values (quantities of distributed & injected energy, NL price and quantity, OPEX, investments, revenues from reactive energy and AA profit). NL - Target: starting from minimum achieved in RP3; reduction in RP4: 15%-25% for LV target. Price: recognized within the limit a reference price established as the average of DSOs and TSO prices, plus 5% NL – Cost: excluded from total revenue, being regulated separately. Target: LV starting smaller than arithmetic mean of the 2 lowest values achieved in RP4; reduction in RP5: 15% for LV target and 6% for MV target. Price: recognized within the limit a reference price set as the average of DSOs prices, plus 5% RP4 RP5 + Amortization 2 + Return on RAB RRRxRAB3 Network Losses (NL)4 + Reactive revenue & Other activities Profit 5 + + Corrections 6 = 7 Regulated Revenue (VR) 7 VR = nonNL VR + NL VR
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50APPENDICES - REGULATORY ASPECTS - DISTRIBUTION Changes in distribution tariffs methodology (2/3) Methodology for establishing distribution tariffs - Comparative elements RP5 vs RP4 Cost of capital Methodology RP4 Methodology RP5 RAB 1. RAB includes: used assets for the distribution service, which are registered in the DSO accounting as fixed assets and are identifiable physically individually. 2. RAB does not include: a.land, current assets (with the exception licensing and patents), assets placed in conservation or stocks b.fixed assets rented/loaned from third parties or given to third parties by rental/loaned (except for poles) 3. Initial RAB: it is reduced with fixed assets out of service 4. RAB - inflated with realized IR, until RAB inflated is equal to NBV of the fixed regulated assets (included in RAB). 1. RAB includes: idem RP4 2. RAB does not include: a.idem RP4 b.fixed assets rented/loaned from third parties or given to third parties by rental/loaned (except for networks) c.updates of IT applications / databases d.endowment can only be recognized in RAB if they are efficient 3. Initial RAB: idem RP4 4. RAB - inflated with forecasted IR used in the RRR calculation. RAB realized RP5 is limited to NBV of the fixed regulated assets (included in RAB). RETURN (RRR x RAB) RRR RAB • 5.66% (Jan. 2019); 6.9% ( March 2019–April 2020); • 6.39% ( May 2020 - Dec. 2024) RRR RP4 incentives • 1% Grid investments • 2% Grid investments from non-refundable funds • 1% PIC RRR RAB • 6.94% RRR RP5 incentives • 1.0% Grid investments that exceed 85% of regulated amortization • 0.5% Grid investments from non-refundable funds Incentive / penalty 0.5% correlated with performance smart grid • 2% decrease buildings & facilities that do not contribute to the improvement of grid Amortization 1. Forecasted amortization Commissioning year = 0 1. Idem RP4 INVESTMENTS 1. Annual corrections - if realized investments<planned inv. 2. The value of the investment plan must be at least equal to the regulated amortization. 1.Annual corrections - if realized investments<planned investments 2.Mandatory minimum value for investment plan it is equal to the total regulated amortization approved for RP5 3.Mandatory minimum value for grid investment annual plan it is equal to 85% of the annual regulated amortization. Inflation rate 1. Use of IR predicted by CNP for revenues and costs. 2. Annual corrections for realized IR deviations compared to the forecast. 1. Capital costs are inflated with the forecasted IR used in the RRR. 2. OPEX is inflated with RI forecast by CNP. 3. OPEX annual corrections for deviations of realized RI compared to the forecast.
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51APPENDICES - REGULATORY ASPECTS - DISTRIBUTION Changes in distribution tariffs methodology (3/3) Methodology for establishing distribution tariffs - Comparative elements RP5 vs RP4 OPEX & NL Methodology RP4 Methodology RP5 OPEX Controllable ( OPEXC ) 1. OPEXC start is established by benchmarking analysis and can be adjusted upon request justification of the DSO 2. Classification: ► maintenance and operation – efficiency target 2% ► personally and OSH - no efficiency 3. Efficiency gains from operating costs it can be maximum 5%, and 60% is allocated annual to the customers. 4. Annual corrections for deviations between achievements and forecast. 5. Prudence criteria for the recognition of the realized costs. 1. OPEXC start is established on the basis of OPEX study made by ANRE 2. Classification: ► maintenance and operation - efficiency target from OPEX study ► personnel costs (PEX) and research&development (R&D) – no efficiency PEX will be adjusted annually with: inflation rate (IR) and 5% R&D limited at maximum of 5 million RON for total RP5. 3. Efficiency gains from operating costs - idem RP4 4. Annual corrections for deviations: idem RP4 5. Prudence criteria for the recognition: idem RP4 6. Non-recognition of costs with affiliates for representation, regulatory advice and profit with subcontracted parties. OPEX noncontrollable (OPEX NC) 1. Monopoly tax is not recognized in OPEX NC. 1. Monopoly tax – idem RP4 2. OPEX NC includes: costs with updates of IT applications or databases; additional PEX with DSO own organizational structure for accessing EU funds; financial costs for accessing funds from non - reimbursable funds. NL Regulated NL 1. Target: LV starting for RP4 it is set as the minimum of LV target for 2018 and LV NL realized in RP3. Reduction target in RP4: LV linear reduction by 25% for starting >15%, and by 15% for starting between 13% and 14%. 2. Efficiency gain: is granted at the end of RP4: 25% for HV and MV and 50% LV, if DSO was efficient every year. 3. Price: ► forecasted RP4: DSO&TSO average in the last 2 closed semesters ► recognized = minimum between the price realized by DSO and the average of the prices realized by DSOs and TSO, limited to 5% BM quantity, plus 5%; ► capitalization of additional costs during 5 yrs, with 50% of RRR. I. Useful NL 1. Target: LV starting for RP5 it is set smaller than arithmetic mean of the 2 lowest values achieved in RP4; Reduction target in RP5: LV by 15% and MV by 6%. 2. Efficiency gain: idem RP4. 3. Price: ► forecasted RP5 = average between DSOs in the last 2 closed semesters ► recognized = minimum between the price realized by DSO and the average of the prices realized by DSOs, limited to 5% BM quantity, plus 5%; II. NL useful S (extra capitalized) ► The additional costs for purchasing the NL energy until 31 March 2025 are capitalized. III. NL useful T (additional transits) ► ANRE approves the amount of NL for additional 110 kV transits.
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52 APPENDICES - REGULATORY ASPECTS PRIMARY LEGISLATION GEO no. 27/2022 on the measures enforceable for the end consumers of the electricity and natural gas market from 1 April 2022 until 31 March 2023, amending and completing some energy-related legal acts o For electricity, the final billed price is: maximum 0.68 RON/kWh (including VAT) for household customers with average monthly consumption (achieved in 2021) less than or equal to 100 KWh, maximum 0.8 RON/kWh (VAT included) for household customers with average monthly consumption between 100 kWh and 300 KWh inclusive; maximum RON 1 /kWh (VAT included) for non-household customers (domestic customers are classified according to the average monthly consumption achieved in 2021, prices capped will apply for the entire period regardless of the quantity consumed. In the case of household customers who did not initially qualify for capping but whose consumption in 2022 falls within, suppliers will issue regularization invoices in February 2023 using the capped price related to the tier/class of consumption). o For natural gas, the final invoiced price is: maximum RON 0.31 /kWh (including VAT) for household customers, maximum RON 0.37 /kWh (including VAT) for non- household customers whose annual natural gas consumption in 2021 at the consumption place is less than 50,000 MWh and for thermal energy producers; o Customers connected after 1 January 2022 shall be invoiced with a ceiling: household electricity customers with RON 0.68 /kWh, household natural gas customers shall pay RON 0.31 /kWh, non-household electricity customers – RON 1 /kWh (category-related ceiling) and non-household natural gas customers – RON 0.37 /kWh; o Customers who do not fit into the ceiling shall have monthly adjustable prices, the variable being a correction component for the purchase price, so that the purchase cost (with PE up to 5%) is transferred to the final customers. The only exception is the first two months of the application period, when the price is not adjustable. At the request of end customers, suppliers can conclude supply contracts under other conditions than those provided in the article that refers to uncapped customers. o The subscription is included in the ceiling. If the price of contract in force is lower than the capped price, the contractual price is applied. o The supply component is RON 73 /MWh for the electricity supply activity and RON 12 /MWh for the natural gas supply activity, while for customers taken over in the last resort regime it amounts to RON 80 /MWh for the activity of supplying electricity and RON 13.5 /MWh for the natural gas supply activity. o For the purchase of electricity and natural gas, the monthly imbalance must not exceed 5% of the value of the energy delivered monthly to the end customers in the portfolio, what exceeds this threshold will not be recognized and settled; the purchase made for last resort supply does not have the balancing cost limited to 5%; there is the obligation to set up storage deposits of at least 30% of the amount of natural gas required for the consumption of final customers from the own portfolio between 1 April and 31 October 2022; o The recovery of the amounts from capping is carried out in full provided that the limit of 5% of the cost with imbalances is respected; the losses recorded from the application of the support scheme between 1 November 2021 and 31 March 2022 can also be recovered (a supply cost of RON 73 /MWh is accepted and we limit the cost of imbalances to 5% of the purchase cost) - for the recovery rate to be high, it is necessary to invoice all consumption, including in the SoLR regime, until the beginning of May. o The supplier has the obligation to notify the customer about the changes arising from the application of the GEO provisions with the first invoice sent after the entry into force (the fine is between RON 100.000 - 400.000 o Fines: between 1-5% of turnover for non-compliance with cost caps and limitations; between RON 20.000 - 400.000 for non-compliance with the provision for the provision of last resort; between RON 100.000 - 400.000 if final customers are not informed or suppliers do not keep differentialted/segmented monthly records of clients, do not identify clients in order to apply the ceiling or if we do not send the documents requested by ANRE. Regulatory-related Developments entered in force until 20 May 2025 – Supply (1/33)
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53 APPENDICES - REGULATORY ASPECTS PRIMARY LEGISLATION Regulatory-related Developments entered in force until 20 May 2025 – Supply (2/33) Law No. 206/2022 to approve Government Emergency Ordinance No. 27/2022 regarding the measures applicable to final customers on the electrical energy and natural gas market during 1 April 2022 – 31 March 2023, as well as to amend and supplement regulatory acts in the energy field. The main new elements are the following: o one single invoice form shall be introduced, drafted in a Joint Order by ANRE and ANPC; o the electrical energy final customers, who are not covered by the price capping, shall be invoiced the price of the service supply agreement in force or the final price as a result of GEO implementation, whichever is lesser. o the natural gas final customers shall be invoiced the contract price, the final capped price or the price as a result of GEO implementation, whichever is lesser. GEO no. 153/2022 - Emergency Ordinance for amending and supplementing Government Emergency Ordinance no. 27/2022 on the measures applicable to end customers in the electricity and natural gas market between 1 April 2022 and 31 March 2023, as well as for amending and supplementing certain regulatory acts in the field of energy and amending Government Emergency Ordinance no. 119/2022 amending and supplementing Government Emergency Ordinance No. 27/2022 on the measures applicable to final customers in the electricity and natural gas market between 1 April 2022 and 31 March 2023, as well as amending and supplementing certain regulatory acts in the field of energy o for the period from 1 January 2023 to 31 March 2025, the centralised electricity purchase mechanism shall be established o The mechanism provides - OPCOM, as the single buyer, buys electricity from producers (electricity producers with an installed capacity of 10 MW or more) and sells the purchased electricity to electricity suppliers that have contracts with end customers, electricity transmission and system operators and electricity distribution operators to cover their own technological consumption; the price paid by OPCOM to electricity producers for the quantities of electricity sold by them is 450 RON/MWh and the OPCOM sales price to economic operators is also 450 RON/MWh (OPCOM has the right to charge market participants tariffs/commissions at the level of the costs incurred through the organisation of the centralised electricity purchase mechanism); OPCOM organises an annual purchase procedure and an additional purchase procedure each month for the quantities of electricity to be delivered in the following month; the annual and monthly quantities of electricity are binding obligations of the electricity producers and economic operators and are distributed evenly over all the settlement intervals of each month (the contracts are concluded by signing within a maximum of 3 working days).
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54 APPENDICES - REGULATORY ASPECTS PRIMARY LEGISLATION Regulatory-related Developments entered in force until 20 May 2025 – Supply (3/33) GEO no. 119/2022 - to amend and supplement the GEO no.98 27/2022 on the measures applicable to final customers on the electrical energy and natural gas market during 1 April 2022 – 31 March 2023, as well as to amend and supplement regulatory acts in the energy field The duration for the support scheme implementation (of the price capping type) shall be 1 September 2022 – 31 August 2023 o the capped end price invoiced for electrical energy shall be: not more than 0.68 RON/kWh, (VAT included) in the case of household customers whose average monthly consumption registered at the place of consumption in 2021 ranges from 0 - 100 KWh including; not more than 0.80 RON/kWh (VAT included) in the case of household customers whose average monthly consumption registered at the place of consumption in 2021 ranged between 100.01 - 300 kWh - for a monthly consumption that is not more than 255 kWh; not more than 1 RON/kWh (VAT included) for 85 % of the monthly average consumption registered at the place of consumption in 2021, in the case of small and medium enterprises (SMEs), economic operators in the foodstuff industry, public institutions; not more than 1 RON/kWh (VAT included) for the whole consumption of public and private hospitals, public and private education establishments, public and private suppliers of social services. To be covered by the scheme provided in this GEO, as of 1 September 2022, the non-household customers mentioned above must submit to the electrical energy supplier an application accompanied by a self-declaration, no later than 30 days since the entry into force of this GEO. The beneficiaries who fall in the categories provided by this GEO that failed to submit the application accompanied by a self-declaration in September 2022, as well as those established after 1 September 2022, shall be covered by the provisions of this GEO as of the first of the month following the submission of these documents with the supplier. o the end price invoiced for natural gas is: not more than 0.31 RON/kWh (VAT included) in the case of household customers (it is also applicable to the places of consumption of household customers connected as of 1 January 2022, or to household customers who have no history with the supplier in 2021, by reference to the monthly registered consumption); not more than 0.37 RON/kWh (VAT included) in the case of non-household customers whose yearly consumption of natural gas registered in 2021 at the place of consumption is not more than 50,000 MWh, as well as in the case of heat producers (it shall also be applicable to the places of consumption of non-household customers connected as of 1 January 2022); o the values and tiers provided for the capping scheme could be amended in a Government decision, depending on the developments of the internal and international electrical energy and natural gas markets and the geopolitical evolution in the neighborhood of Romania; o the electrical energy supply component and the natural gas supply component, respectively, is 73 RON/MWh for the electrical energy supply business, and 12 RON/MWh for the natural gas supply business; o the values related to compensations for each supplier shall be determined by ANRE no later than 30 days since the date of the receipt of the reimbursement applications, filed and registered with ANPIS (household customers), and ME (non-household customers), respectively, and copied to ANRE; o the maximum ceiling of the average weighted price of the electrical energy, which ANRE takes into account to determine the amounts to be offset from the state budget in the case of the electrical energy suppliers, is 1,300 RON/MWh; o as of 1 September 2022, for the duration of the implementation of the provisions of this emergency ordinance, electrical energy producers, the aggregated entities that produce electrical energy, traders, the suppliers engaged in the trading business and the aggregators that trade in electrical energy and/or natural gas amounts on the wholesale market shall pay a contribution to the Energy Transition Fund calculated according to the methodology in this GEO; o the bilateral agreements concluded on the wholesale market through direct negotiation shall be reported to the ANRE by the contracting parties, no later than 2 working days since the date of their conclusion; o the successive sale of electrical energy or natural gas amounts by the traders and/or suppliers engaged in the trading business, clearly aimed at increasing price shall be penalized by ANRE with a fine of 5 % of the turnover;
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55 APPENDICES - REGULATORY ASPECTS PRIMARY LEGISLATION Regulatory-related Developments entered in force until 20 May 2025 – Supply (4/33) Law no. 357/2022 - Law on the approval of Government Emergency Ordinance no. 119/2022 for the modification and completion of Government Emergency Ordinance no. 27/2022 on the measures applicable to final customers in the electricity and natural gas market between 1 April 2022 and 31 March 2023, as well as for the modification and completion of some normative acts in the field of energy The duration for the support scheme implementation (of the price capping type) shall be 1 September 2022 – 31 August 2023 o GEO no. 119/2022 is approved for the modification and completion of GEO no. 27/2022 with some amendments; the electricity price cap is extended until 31 March 2025; o the final capped invoiced price of electricity supplied to household customers between 1 January 2023 and 31 March 2025 is: • 0.68 RON/kWh, VAT included, for consumption during the period 1 January 2023 - 31 March 2025 by the following categories of customers: a) household customers whose monthly consumption is between 0 and 100kWh inclusive; b) household customers who use medical devices, appliances or equipment necessary for treatments, based on an application and a declaration on their own responsibility submitted in writing to Electrica Furnizare S.A., and the capped final invoiced price will be applied from the date of the fifth of the month following the month in which the mentioned documents have been submitted, c) domestic customers who have at least 3 children under 18 years of age, respectively 26 years of age, in case they follow a form of education, on the basis of a request and a declaration on their own responsibility submitted in writing to Electrica Furnizare S.A., following that the final invoiced price will be applied from the date of the fifth of the month following the month in which the mentioned documents were submitted, d) single- parent families, who have at least one child under 18 years of age, respectively 26 years of age in case the child is attending a form of education, on the basis of an application and a declaration on their own responsibility submitted in writing to Electrica Furnizare S.A., the final billed price will apply from the first day of the month following the one in which the mentioned documents were submitted. • 0.80 RON/kWh, VAT included, for consumption during the period 1 January 2023 - 31 March 2025 by household customers whose monthly consumption at the place of consumption is between 100.01 and 255 kWh. Electricity consumption between 255 and 300 kWh/month is invoiced at a price of 1.3 RON/kWh, VAT included. If consumption exceeds 300 kWh/month, the entire consumption is invoiced at the price of 1.3 RON/kWh, VAT included. • 1.3 RON/kWh, VAT included, for household consumers not covered above. The ceilings for electricity prices applicable to non-household final customers are: o maximum 1 leu/kWh, for 85% of the average monthly consumption at the place of consumption (application and affidavit of the legal representative) for: SMEs, Regional Operators (Law no. 51/2006), Bucharest Metro Transport Company "Metrorex" - S.A., as well as airports, which are under the subordination/coordination or authority of the Ministry of Transport and Infrastructure, economic operators in the field of food industry, identified by CAEN code 10, as well as those in the field of agriculture and fishing, identified by CAEN codes 01 and 03, local public authorities and institutions, deconcentrated public services of ministries and other central bodies, companies and commercial companies of county, municipal or local interest, autonomous companies and all public and private entities providing a public service, national research and development institutes;
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56 APPENDICES - REGULATORY ASPECTS PRIMARY LEGISLATION Regulatory-related Developments entered in force until 20 May 2025 – Supply (5/33) • maximum 1 leu/kWh, for the full consumption of public and private hospitals, public and private education units, nurseries and public and private providers of social services as listed in the Nomenclature of Social Services; • maximum 1 leu/kWh, VAT included, for 85% of the monthly consumption made at the place of consumption of public institutions, other than those mentioned above, as well as for places of consumption belonging to officially recognized cults in Romania; • non-household customers who do not fall into one of the above categories pay a price capped at a maximum of 1.3 RON/kWh, including VAT. o As regards the price of natural gas to non-household customers, the beneficiaries of the price capped at a maximum of 0.37 RON/kWh, including VAT, include non-household customers in industrial parks regulated by Law no. 186/2013, as well as those in closed distribution systems defined under Law no. In addition, the consumption limit of 50,000 MWh will refer to the year prior to the current year (not to 2021); for consumption places of non-household customers connected after 1 January 2022, the cap will apply only within the limit of an annual consumption of no more than 50,000 MWh. o the principle is maintained that, when billing electricity and natural gas, suppliers must apply the lower of (i) the maximum capped final price, (ii) the contract price or (iii) the final price calculated in accordance with the provisions of Articles 5 and 6, only in the case of natural gas. GEO no. 192/2022 - Emergency Ordinance amending and supplementing Government Emergency Ordinance no. 27/2022 on the measures applicable to end customers in the electricity and natural gas market between 1 April 2022 and 31 March 2023, as well as amending and supplementing certain regulatory acts in the field of energy • the final invoiced price for electricity of maximum 0.68 RON/kWh is applied to household customers whose place of consumption is inhabited by persons who use medical devices, appliances or equipment supplied from the electricity grid, necessary for medical treatment on the basis of a confirmation from the medical specialist and a request submitted to the supplier; for January 2023, instead of the medical confirmation, a declaration on own responsibility is submitted; the final invoiced price capped is applied from the date of the fifth of the month following the month in which the documents mentioned above were submitted; • the capping also applies to places of consumption used on the basis of a rental contract, the following documents must be submitted to the supplier by the household customer: the application for the application of the capped price , the copy of the rental contract , the tenant's affidavit that he/she falls into one of the categories benefiting from the capping or the medical confirmation, as the case may be". • the electricity cap applies to all consumption points of a household customer according to the consumption at each of them. • the annual and monthly centralised purchasing mechanisms (MACEE) are modified with regard to the transmission of forecasts and quantities purchased, guarantees, payments, etc.
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57 APPENDICES - REGULATORY ASPECTS PRIMARY LEGISLATION Regulatory-related Developments entered in force until 20 May 2025 – Supply (6/33) Law no. 5/2023 - Law on the modification and completion of Law no. 220/2008 on the establishment of the system for the promotion of energy production from renewable energy sources o modifies and completes Law no. 220/2008 regarding the trading of green certificates after the expiry of the accreditation period, the recovery of green certificates issued unduly, etc. GEO no. 32/2023 - Emergency Ordinance for amending and supplementing Government Emergency Ordinance no. 166/2022 regarding some measures to provide support to categories of vulnerable people for the compensation of the energy price, partially supported by external non-reimbursable funds - GEO 166/2022 is amended/supplemented with the following specifications: o if several beneficiaries of the support are domiciled or reside at a place of consumption, it will be granted only once per place of consumption, regardless of whether or not it is the holder of the supply contract, provided that the place of consumption coincides with the domicile or the residence of the beneficiary of support, respectively with the address mentioned in the document that certifies the inclusion in one of the beneficiary categories; o to make a payment by means of energy cards, the beneficiaries must present the following documents: the energy card valid on the date on which the payment is made, the identity document of the beneficiary, in original; supporting documents proving the current and/or outstanding debt to the energy supplier that must be issued after 1 January 2023 and for energy consumption after 1 February 2022 or, as the case may be, the debt validation certificate obtained from the homeowners association. Law no. 206/2023 - Law on the approval of the Government Emergency Ordinance no. 153/2022 for the amendment and completion of the Government Emergency Ordinance no. 27/2022 regarding the measures applicable to final customers in the electricity and natural gas market during the period 1 April 2022— 31 March 2023, as well as for the amendment and completion of some normative acts in the field of energy and the amendment of the Government Emergency Ordinance no. 119/2022 for the amendment and completion of the Government Emergency Ordinance no. 27/2022 regarding the measures applicable to final customers in the electricity and natural gas market during the period 1 April 2022— 31 March 2023, as well as for the amendment and completion of some normative acts in the field of energy o GEO no. 153/2022 is approved (GEO no. 27/2022, GEO no. 119/2022 and GEO no. 153/2022 are amended), with modifications regarding the recognized average purchase price (it drops from 1300 lei/MWh to 900 lei /MWh), the regularization of non-domestic final customers, who did not benefit from capping in 2021, but who, depending on the consumption achieved in 2022, have the right to benefit (the deadline for regularization is the second semester of 2023), the application of the minimum price between the price resulting from the application of the GEO, the capped price and the contract price, the application of the adjustment component (failure to fulfill the obligations listed above is sanctioned with a fine of between 1% and 5% of the turnover). Law no. 237/2023 - Law on the integration of renewable and low-carbon hydrogen in the industry and transport sectors o has as its object the establishment of measures for fuel suppliers and for industrial hydrogen consumers, in order to integrate hydrogen from renewable sources and with low carbon emissions in the industry and transport sectors).
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58 APPENDICES - REGULATORY ASPECTS PRIMARY LEGISLATION Regulatory-related Developments entered in force until 20 May 2025 – Supply (7/33) GEO no. 30/2023 — Ordinance for the establishment of certain budgetary measures concerning the use of the solidarity contribution established by Government Emergency Ordinance No 186/2022 on certain measures implementing Council Regulation (EU) 2022/1.854 of 6 October 2022 on emergency action to tackle the problem of high energy prices o the amounts corresponding to the solidarity contribution collected in 2023 (to the account of the Ministry of Finance according to GEO no.186 /2022), shall be used to replenish the Energy Transition Fund account (in accordance with the provisions of GEO no. 27/2022 on the measures applicable to final customers in the electricity and natural gas market in the period from 1 April 2022 to 31 March 2023, as well as for the amendment and completion of some normative acts in the energy sector, approved with amendments and additions by Law no. 206/2022, with subsequent amendments and additions) and shall be used for the payment by ME/ANPIS of the compensation to suppliers. GEO no. 90/2023 — The Emergency ordinance for the approval of some measures to reduce budget expenditures for the year 2023 in order to fit into the budget deficit target assumed by the Convergence Program, as well as for the modification and completion of some normative acts o Art. 9 para. is amended/completed. 10 and 12 of GEO 27/2022, with subsequent amendments and additions, specifying that the payments are made from the Energy Transition Fund and from other legally established sources (ANRE will transmit the compensation values to the National Agency for Payments and Social Inspection, respectively the Ministry of Energy, and they make the payment to suppliers of the sums representing the value of the compensation of consumption made from the Energy Transition Fund and from other legally established sources). GEO no. 31/2024 —The emergency ordinance regarding the regulation of some fiscal-budgetary measures and for the modification and completion of some normative acts - the provisions of Law no. 227/2015 regarding the Fiscal Code regarding art. 181 regarding the minimum tax, in the following sense: o Art. 181, para. (14) has the following content: "The economic operators regulated/licensed by the National Energy Regulatory Authority who, in the previous year, obtained income from activities of distribution/supply/transport of electricity and natural gas in the proportion of over 95% of the total revenues from which the revenues included in the Vs indicator provided in paragraph (3) lit. (i)—(vii).” o Art. 183, para. (11) has the following content: "Taxpayers regulated/licensed by the National Energy Regulatory Authority who, in the previous year, obtained income from electricity and natural gas distribution/supply/transport activities in a proportion of over 95% from the total revenues from which the revenues contained in the Vs indicator provided for in paragraph. (2) lit. (i)—(vii), do not fall under the scope of this article." Law no. 113/2024 — Law on the approval of Government Ordinance no. 3/2023 for the amendment and completion of the Government Emergency Ordinance no. 166/2022 regarding some measures to provide support to categories of vulnerable people for the compensation of the energy price, partially supported by non-reimbursable external funds o It approves GEO no. 3 from 11 January 2023 for the amendment and completion of GEO no. 166/2022
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59 APPENDICES - REGULATORY ASPECTS PRIMARY LEGISLATION Regulatory-related Developments entered in force until 20 May 2025 – Supply (8/33) GEO no. 32/2024 — Emergency Ordinance for the amendment and completion of the Government's Emergency Ordinance no. 27/2022 regarding the measures applicable to end customers in the electricity and natural gas market in the period 1 April 2022—31 March 2023, as well as for the amendment and completion of some normative acts in the field of energy and the adoption of some measures in the field of energy The main changes are: o the supply component: for electricity it does not change, for natural gas it increases to 15 lei/MWh from 1 April 2024, both for FUI and non-FUI (price ceilings do not change); o starting with 1 April 2024, the rule with the payment of 40% of the ceiling amount within 10 days from the date of submission no longer works. There will be 10 days for the entire amount from the date ANRE confirms to ME/ANPIS the correctness of the data, "within the limits of the amounts available in the Energy Transition Fund and other legally established amounts"; o deadlines are specified for entering the data related to the settlement in the ANRE platform: • 30 July 2024 for the period September 2022 – August 2023 • 31 December 2024 for the period September 2023 – August 2024 • 30 July 2025 for the period September 2024 – March 2025 o starting with 1 April 2024, the price with which natural gas producers who carry out both onshore and/or offshore extraction activities, as well as natural gas sales activities, decreases from 150 lei/MWh to 120 lei/MWh; o during the period 1 April 2025 – 31 March 2026, suppliers can prepare offers for final customers only if the purchase covers at least 50% of the consumption requirement; o suppliers will receive guarantees of origin for the quantity contracted through MACEE; o increases to 10% the percentage for the accepted profit in order to overtax the trading activity o the MACEE price changes starting from 1 April 2024: it drops from 450 lei/MWh to 400 lei/MWh. At the same time, producers can voluntarily sell on MACEE starting from 1 April 2024; o decreases the limit of the average purchase price accepted for the settlement of the amounts related to the ceiling to 700 lei/MWh for the consumption recorded after 1 April 2024
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60 APPENDICES - REGULATORY ASPECTS PRIMARY LEGISLATION Regulatory-related Developments entered in force until 20 May 2025 – Supply (9/33) GD no. 318/2024 — Decision on the approval of the general framework for the implementation and operation of the support mechanism through contracts for the difference for technologies with low carbon emissions o establishes the general framework that regulates the implementation and operation of the support mechanism through contracts for the difference for the production of electricity through technologies with low carbon emissions. o Eligible production technology - electricity production technology that uses: onshore wind resources, offshore wind resources, photovoltaic solar resources, hydro resources, nuclear resources, hydrogen and energy storage. For the technologies specified above, the relevant ministry develops CfD state aid schemes or grants ad hoc CfD state aid, which are subject to authorization by the European Commission, and the timing of any CfD auction associated with a state aid scheme is subject to authorization. o The CfD contract related to the CfD scheme for onshore wind and solar photovoltaic technologies is presented in the annex to this decision. ME order no. 373/2024 — Order of the Minister of Energy for the approval of the methodology regarding the assessment of compliance with the "Do no significant harm" (DNSH) principle o the methodology that aims to ensure compliance with the principle "Do no significant harm" (DNSH) and "climate change immunity" is approved for the measure regarding the economic activities for which support is requested in the form of financial instruments ecological dedicated to measures to improve energy efficiency in industry. ME order no. 336/2024 — Order of the Minister of Energy for the approval of the state aid scheme with the objective of supporting investments in the industrial value chain of production and/or assembly and recycling of batteries, cells and photovoltaic panels o the state aid scheme related to investment measure I.4, sub-measures 4.1 and 4.2, within component C.6 Energy - pillar I. Green transition from the National Recovery and Resilience Plan of Romania, updated according to European Commission Decision C( 2024) 1.380 final of 29.02.2024 regarding State Aid Scheme SA 110458 (2023/N) - Romania - Amendments to State Aid Scheme SA.102924 for supporting investments in the industrial value chain of production and/or assembly and recycling of batteries, cells and photovoltaic panels. o the scheme applies from the date of publication in the Official Gazette of Romania, Part I, until the allocated budget is exhausted, but no later than the end of the second quarter of 2026. The total estimated budget of the scheme is the equivalent in lei of the sum of 258,700,000 euros.
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61 APPENDICES - REGULATORY ASPECTS PRIMARY LEGISLATION Regulatory-related Developments entered in force until 20 May 2025 – Supply (10/33) ME order no. 353/2024 — Order of the Minister of Energy for the approval of the State Aid Scheme regarding the support of investments in new electricity production capacities produced from renewable sources, related to the Modernization Fund o the state aid scheme for supporting investments in new electricity production capacities produced from renewable sources, related to the Modernization Fund, is approved. The scheme based on the competitive bidding procedure applies to projects that aim at: the realization of new capacities for the production of electricity from wind sources, the realization of new capacities for the production of electricity from solar sources (below 5 MW inclusive and over 5 MW), the realization of the capacities new production of electricity from hydro sources. The scheme applies only to new installations for the production of electricity from renewable energy sources, without financing energy storage capacities. ME order no. 354/2024 — Order of the Minister of Energy for the approval of the Specific Guide — Supporting investments in new electricity production capacities produced from renewable sources, related to the Modernization Fund o the Specific Guide is approved - Supporting investments in new electricity production capacities produced from renewable sources, related to the Modernization Fund. Law no. 121/2024 — Law on offshore wind energy o regulates the general framework necessary for the implementation in Romania of electricity production projects from offshore wind resources. The implementation of the projects is carried out in compliance with the principle of non-discrimination, in conditions of fair competition, and in compliance with the principle of prevention and integrated control of pollution by using the best techniques available for activities with a significant impact on the environment. Law no. 135/2024 — Law on the approval of the Government Emergency Ordinance no. 75/2023 for the amendment and completion of the Government Emergency Ordinance no. 166/2022 regarding some measures to provide support to categories of vulnerable people for energy price compensation, partially supported by non-reimbursable external funds o It is approved GEO no. 75/2023 for the amendment and completion of GEO no.166/2022. ME Order no. 573/2024 — Order of the Minister of Energy for the re-establishment of the State Aid Scheme with the objective of supporting investments in building capacities for the production of green hydrogen in electrolysis plants o approves the re-establishment of the State Aid Scheme with the objective of supporting investments in building capacities for the production of green hydrogen in electrolysis installations, related to investment measure I.2 - Green hydrogen production capacities to be used for electricity storage and for the decarbonization of the industry within component 6 - Energy, pillar I - Green transition from the National Recovery and Resilience Plan of Romania, subject to the suspensive condition of approving its reinstatement by decision of the European Commission. o by reinstating the state aid scheme, its validity is established until 31 December 2024.
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62 APPENDICES - REGULATORY ASPECTS PRIMARY LEGISLATION Regulatory-related Developments entered in force until 20 May 2025 – Supply (11/33) GEO no. 68/2024 — Emergency Ordinance for the amendment and completion of the Government's Emergency Ordinance no. 166/2022 regarding some measures to provide support to categories of vulnerable people for energy price compensation, partially supported by non-reimbursable external funds o measures are established for granting temporary support related to the year 2023 to categories of vulnerable people, to compensate for the price of energy regardless of its nature, namely electricity, thermal energy supplied in a centralized regime, gas, cylinder, butane, firewood, sawdust, coal, fuel oil, pellets, briquettes, liquid or solid fuels and any other heating materials that can be used to heat homes, as well as a temporary support related to the year 2024 to compensate, starting on 31 December 2024, the cost related to the purchase and the installation of thermal energy cost distribution systems, in condominium type buildings connected to the centralized thermal energy supply system or equipped with an own local source of thermal energy production. Law no. 204/2024 — Law for the approval of the Government Emergency Ordinance no. 31/2024 regarding the regulation of some fiscal-budgetary measures and for the modification and completion of some normative acts o It is approved GEO no. 31/2024 regarding the regulation of some fiscal-budgetary measures and for the modification and completion of some normative acts Law no. 217/2024 — Law for the approval of the Government Emergency Ordinance no. 119/2023 on the regulation of standards for ecological financial instruments dedicated to supporting measures to improve energy efficiency in industry, as well as for the amendment of Law no. 121/2014 on energy efficiency o It is approved GEO no.119/2023 regarding the regulation of standards for ecological financial instruments dedicated to supporting measures to improve energy efficiency in industry, as well as for the amendment of Law no. 121/2014 regarding energy efficiency o the following definitions are changed: "financial instrument - form of financial support, such as loans, guarantees and counter-guarantees, capital inflows, quasi-capital or mezzanine-type investments, for industry operators in order to improve energy efficiency"; o "the principle of "do no significant harm" or "Do no significant harm", hereinafter referred to as DNSH - the principle regulated by art. 17 of Regulation (EU) 2020/852, applied to all ecological financial instruments dedicated to supporting measures to improve energy efficiency in industry, financed from public funds, both from the European Union budget and from the state budget.“ ME Order no. 1120/2024 — Order of the Minister of Energy regarding the approval of the State Aid Scheme in the form of contractsfor difference for the production of electricity from renewable sources of onshore wind and solar photovoltaic energy o the State aid scheme in the form of contracts for difference for the production of electricity from renewable sources of onshore wind and solar photovoltaic energy is approved - sets out how state aid will be granted through contracts for difference (CfD contracts), in basis of the Decision authorizing state aid by the European Commission C(2024) 1,596 final of 6Mar2024. o the state aid scheme aims to conclude CfD contracts by 31 December 2025 for projects with a total capacity of 5,000 MW, which use eligible solar photovoltaic and onshore wind energy production technologies.
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63 APPENDICES - REGULATORY ASPECTS PRIMARY LEGISLATION Regulatory-related Developments entered in force until 20 May 2025 – Supply (12/33) ME Order no. 1290/2024 — Order of the Minister of Energy regarding the approval of the initiation of the first tender for the State Aid Scheme in the form of contracts for difference for the production of electricity from renewable sources of onshore wind and solar photovoltaic energy, as well as the rules of the bidding procedure related to the first AUCTION o the general framework entitled "Initiation of the first tender for the State Aid Scheme in the form of contracts for the difference for the production of electricity from renewable sources of onshore wind and solar photovoltaic energy" is approved; o the rules of the bidding procedure for the first tender related to the State Aid Scheme in the form of contracts for the difference for the production of electricity from renewable sources of onshore wind and solar photovoltaic energy are approved. ME Order no. 1355/2024 — Order of the Minister of Energy for the approval of the State Aid Scheme on supporting investments in the development of electricity storage capacities (batteries) with funding from the Modernization Fund o the state aid scheme for supporting investments in the development of electricity storage capacities (batteries) with funding from the Modernization Fund is approved; o application period: 1 October 2024 – 31 December 2027; o purpose: supporting investments in the development of electrical energy storage capacities (batteries), in order to increase the adequacy, flexibility and efficiency of the national electric power system and reduce greenhouse gas emissions; ME Order no. 1440/2024 — Order of the Minister of Energy regarding the approval of the de minimis aid scheme provided for in the "ELECTRIC UP" Program regarding the financing of small and medium-sized enterprises and economic operators active in the field of HORECA for the installation of photovoltaic panel systems for the production of electricity with an installed power between 27 kWp and 150 kWp required for self-consumption, a storage system for the energy produced to increase the degree of self-consumption, at least one recharging station of at least 22 kW for electric and plug-in hybrid electric vehicles to reduce greenhouse gas emissions in transport, by promoting infrastructure for energy-efficient road transport vehicles, as well as alternative heating/cooling to increase the use of energy produced from renewable sources in heating and cooling ME Order no. 1441/2024 — Order of the Minister of Energy regarding the approval of the Financing Guide for the "ELECTRIC UP" Program regarding the financing of small and medium-sized enterprises and economic operators active in the field of HORECA for the installation of photovoltaic panel systems for the production of electricity with an installed power of between 27 kWp and 150 kWp required for self-consumption, of a storage system for the energy produced to increase the degree of self-consumption, of at least one recharging station of minimum 22 kW for electric and plug-in hybrid electric vehicles to reduce gas emissions with greenhouse effect in transport by promoting infrastructure for energy-efficient road transport vehicles, as well as alternative heating/cooling to increase the use of energy produced from renewable sources in heating and cooling.
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64 APPENDICES - REGULATORY ASPECTS PRIMARY LEGISLATION Law no. 261/2024 — Law on the approval of the Government Emergency Ordinance no. 39/2024 for the amendment and completion of the Government Emergency Ordinance no. 159/2020 on the financing of small and medium-sized enterprises and the HORECA field for the installation of photovoltaic panel systems for the production of electricity with an installed power between 27 kWp and 100 kWp required for own consumption and the delivery of the surplus to the National Energy System, as well as to the power stations minimum 22 kW recharging for electric and plug-in hybrid electric vehicles, through the "ELECTRIC UP" Financing Program. ME Order no. 1552/2024 — Order of the Minister of Energy regarding the completion of the Financing Guide for the "ELECTRIC UP" Program regarding the financing of small and medium-sized enterprises and economic operators active in the HORECA field for the installation of photovoltaic panel systems for the production of electricity with an installed power between 27 kWp and 150 kWp required for self-consumption, of a storage system of the energy produced to increase the degree of self-consumption, of at least one recharging station of minimum 22 kW for electric and plug-in hybrid electric vehicles to reduce greenhouse gas emissions in transports, by promoting the infrastructure for non-polluting road transport vehicles in terms of energy, as well as the alternative heating/cooling system to increase the degree of use of energy produced from renewable sources in heating and cooling, approved by the Order of the Minister of Energy no. 1441/2024. ME Order no. 1583/2024 — Order of the Minister of Energy amending the Applicant’s Guide – Specific Conditions for Accessing Funding from the Modernization Fund – Supporting Investments in New Electricity Production Capacities from Renewable Sources for Self-Consumption by Public Entities, approved through Minister of Energy Order no. 1.431/2023. ME Order no. 1626/2024 — Order of the Minister of Energy approving the Applicant’s Guide on Supporting Investments in the Development of Electricity Storage Capacities (Batteries) with Funding from the Modernization Fund o The Applicant’s Guide on supporting investments in the development of electricity storage capacities (batteries), funded by the Modernization Fund, is hereby approved. o The Guide enters into force on the date of its publication in the Official Gazette of Romania, Part I – 13 November 2024. Note: The legal effects of the Applicant’s Guide are subject to the suspensive condition of the approval of the European Commission’s Payment Decision in accordance with Commission Implementing Regulation (EU) 2020/1001 of 9 July 2020 laying down detailed rules for the implementation of Directive 2003/87/EC of the European Parliament and of the Council as regards the operation of the Modernisation Fund supporting investments aimed at modernizing energy systems and improving energy efficiency in certain Member States. Regulatory-related Developments entered in force until 20 May 2025 – Supply (13/33)
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65 APPENDICES - REGULATORY ASPECTS PRIMARY LEGISLATION ME Order no. 1636/2024 – Order of the Ministry of Energy amending the Financing Guide for the "ELECTRIC UP" Program regarding the financing of enterprises for the installation of photovoltaic panel systems for electricity generation with an installed capacity between 27 kWp and 150 kWp for self-consumption, a storage system for the generated energy to increase the degree of self-consumption, and at least one recharging station of minimum 22 kW for electric and plug-in hybrid electric vehicles, in order to reduce greenhouse gas emissions in transport by promoting infrastructure for energy-efficient road transport vehicles, as well as an alternative heating/cooling system to increase the use of energy produced from renewable sources for heating and cooling, approved through Minister of Energy Order no. 1.441/2024. Article 8 paragraph (3), letters b) and d) are amended as follows: b) The registration session will take place from 14 October 2024 at 08:00 until 16 December 2024 at 23:59:59. d) The project submission session will take place from 15 November 2024 at 10:00 until 16 December 2024 at 23:59:59. GEO no. 134/2024 – Emergency Ordinance amending and supplementing the Electricity and Natural Gas Law no. 123/2012, as well as Article 2 letters i) and k) of Law no. 220/2008 on the establishment of the promotion system for energy production from renewable sources o Law no. 123/2012 is supplemented with the following definitions: storage service provider, works of national interest and public utility, storage service operator, projects of national importance in the field of electricity, pumped-storage hydropower plant operation mode (CHEAP), storage service, energy storage. o By storing electricity in electricity storage facilities, including in the case of a CHEAP operating in pumping mode, the storage facility operator is exempt from paying: the tariff for the transport service - the component for extracting electricity from the network, the system service, the distribution service, the contribution regarding green certificates and the cogeneration contribution. GEO no. 138/2024 – Emergency Ordinance amending and supplementing certain fiscal-budgetary regulations, as well as for regulating other measures o Includes updates to the national system for electronic invoicing — RO e-Invoice — and electronic invoicing in Romania. Government Decision no. 1491/2024 – Decision approving the Energy Strategy of Romania 2025–2035, with a perspective towards 2050 o The Energy Strategy of Romania 2025–2035, with a perspective toward the year 2050, is hereby approved. o The necessary funding for the implementation of the objectives/actions and measures outlined in the Strategy shall be provided within the limits of the annually approved budgets of the involved public authorities/institutions, as well as from other legally established sources. Regulatory-related Developments entered in force until 20 May 2025 – Supply (14/33)
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66 APPENDICES - REGULATORY ASPECTS PRIMARY LEGISLATION Law no. 312/2024 – Law approving Government Emergency Ordinance no. 54/2024 amending Article VII¹ of Government Emergency Ordinance no. 119/2022, which amended and supplemented Government Emergency Ordinance no. 27/2022 on the measures applicable to final customers in the electricity and natural gas market during the period 1 April 2022 – 31 March 2023, as well as for the amendment and supplementation of certain normative acts in the energy sector o Law no. 123/2012 on electricity and natural gas is amended as follows: The collection of the CfD contribution by electricity suppliers and electricity producers with complementary supply rights from final customers through invoices shall begin on 1 April 2025. o Invoices that include the CfD contribution for the period between 1 October 2024 and the date the law enters into force shall be cancelled and re-issued, excluding the CfD contribution. Law no. 316/2024 – Law approving Government Emergency Ordinance no. 32/2024 for the amendment and supplementation of Government Emergency Ordinance no. 27/2022 on the measures applicable to final customers in the electricity and natural gas market during 1 April 2022 – 31 March 2023, as well as for the amendment and supplementation of certain normative acts in the energy field and the adoption of certain energy-related measures: o A settlement procedure has been introduced for the volumes of electricity/natural gas for which reimbursement was requested, until 31 March 2026 respectively, the settlement of amounts reimbursed from the state budget to electricity and natural gas suppliers shall be performed, based on the monthly data submitted to ANRE for each month and for each category of beneficiaries of the capped final price, indicating the quantities invoiced during the consumption months covered by the support scheme, following any adjustments to the amounts previously reimbursed. o Final deadlines for submitting settlement or adjustment data: • For April – August 2022: 31 January 2025 • For September 2022 – August 2023: 31 January 2025 • For September 2023 – August 2024: 31 July 2025 • For September 2024 – March 2025: 31 December 2025 o The 10-day payment deadline for reimbursement requests validated by ANRE for consumption registered after 1 April 2024 has been eliminated. (Previously, payment was due within 10 days from the date ANRE submitted the validated amount to ME/ANPIS.) Regulatory-related Developments entered in force until 20 May 2025 – Supply (15/33)
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67 APPENDICES - REGULATORY ASPECTS SECONDARY LEGISLATION ANRE order no. 1/2024 — Order for the approval of the Methodology regarding the determination of the level of the minimum stock of natural gas that must be established in the underground storage facilities during the period 1 April 2024 - 31 October 2024. o the methodology is approved, which aims to establish the method by which the level of the minimum stock of natural gas is determined, which the holders of the license to supply natural gas have the obligation to establish in the underground storage warehouses during the period 1 April 2024-31October 2024 o holders of natural gas supply licenses fulfill their obligation regarding the establishment of the minimum stock of natural gas by: storing natural gas in their own name, by concluding storage contracts; the conclusion of sales-purchase contracts whose object is quantities of natural gas stored by another supplier; concluding mandate contracts with another supplier. o the quantities of natural gas representing the minimum stock to be stored represent 90% of the storage capacity of the SI at the national level. The minimum natural gas stock of supply license holders is broken down for each holder depending on the weight of the amount of natural gas sold to end customers by the respective supplier in the 2022/2023 gas year in the total amount of natural gas sold to end customers at national level. rates are applicable from 1 January 2024; ANRE order no. 2/2024 — Order for the amendment and completion of the Regulation regarding the organized framework for trading on the organized future electricity markets administered by the Operator of the Electric Energy and Natural Gas Market OPCOM — S.A., approved by the Order of the President of the National Energy Regulatory Authority no. 12/2023 the main changes/completions to the Regulation on the organized framework for trading on the organized future electricity markets administered by OPCOM are: o in the case of aggregated participation, the aggregator communicates the list of aggregated participants to the OP, and the OP includes it, as an annex, in the Agreement for participation in the markets of bilateral electricity contracts; o the party terminating a contract concluded on PCCB-LE-flex sends OP a notification and OP publishes this information on its own website and excludes that contract from the calculation of the corresponding market indices. ANRE order no. 4/2024 — Order on the establishment of the mandatory quota for the purchase of green certificates, related to the year 2023 o the mandatory quota for the purchase of green certificates by the economic operators who have the obligation to purchase green certificates for the year 2023 is set at the value of 0.4946974 green certificates/MWh (compared to 0.4943963 CV/MWh the estimated quota for the year 2023 and 0.4934314 CV/MWh mandatory quota for the year 2022); o enters into force on 1 March 2024.. Regulatory-related Developments entered in force until 20 May 2025 – Supply (16/33)
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68 APPENDICES - REGULATORY ASPECTS ANRE order no. 6/2024 — Order for the amendment and completion of the Regulation for the supply of electricity to final customers, approved by the Order of the president of the National Energy Regulatory Authority no. 5/2023, as well as for the amendment of the Regulation regarding the supply of natural gas to final customers, approved by the Order of the president of the National Energy Regulatory Authority no. 29/2016. o the provisions of chapter I of GEO 120/2021 and those of Law no. 296/2023 regarding the electronic invoice RO e-Invoice and the electronic invoice in Romania, with the provisions of RFEE and RFGN; o the structure of the elements that must be included in the invoice has been changed for correlation with the fields available in the RO e-Invoice electronic system (some of the minimum priority information will be included by the supplier in the invoice, and others can also be included in the invoice annex, which represents the details of invoicing, any unpaid payment obligations and penalty interest for late payment of the invoice will be highlighted as information); o the provisions relating to the way of sending the invoice have been changed in the case of customers for whom the obligation to send it through the national electronic invoicing system (mainly non-households) is applicable, the provision has been introduced according to which, in their case, the invoice and the documents attached to it are sent by the supplier through the electronic invoicing system; o the provision has been reworded according to which, at the request of the final customer, the supplier has the obligation to send a copy of the invoice, this remaining applicable only in the case of customers for whom the obligation to send via the national electronic invoicing system (mainly household) is not applicable; o natural/legal persons (producers, non-concessionaire distribution operators, who do not hold a supply license) have the obligation to publish on their website universal service offers applicable to household customers supplied directly from the electrical installations related to the production units/from the electrical networks on which they exploit or located in the proximity of these networks and to transmit the universal service offer to household customers who request this offer, through one of the communication methods of mail, e-mail, portal, according to the customer's option; ANRE order no. 8/2024 — Order for the modification of some orders of the president of the National Energy Regulatory Authority regarding the electricity market o the provisions of ANRE Orders no. 128/2021 and no. 127/2021 (Order for the approval of the Regulation on the clauses and conditions for balancing service providers and for frequency stabilization reserve providers and the Regulation on the clauses and conditions for the parties responsible for balancing and for the modification and repeal of some orders of the president of the National Authority of Energy Regulation) will apply from 1 June 2024. Regulatory-related Developments entered in force until 20 May 2025 – Supply (17/33) SECONDARY LEGISLATION
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69 APPENDICES - REGULATORY ASPECTS ANRE order no. 9/2024 — Order for the modification of the Order of the president of the National Energy Regulatory Authority no. 124/2022 regarding the approval of the Rules for the management of congestion through the market-based use by network operators of the flexibility of resources in the distribution networks and those in the transport network, of the Rules applicable to the purchase of reactive electricity for the regulation of the voltage in stationary mode to the transport and system operator and the Rules applicable to the purchase of reactive electrical energy for steady-state voltage regulation by concessionaire distribution operators and regarding the modification and completion of the Order of the president of the National Energy Regulatory Authority no. 127/2021 for the approval of the Regulation on the clauses and conditions for balancing service providers and for frequency stabilization reserve providers and the Regulation on the clauses and conditions for the parties responsible for balancing and for the modification and repeal of some orders of the president of the National Regulatory Authority in the field of energy o the provisions of art. 6 of ANRE Order no. 124/2022 in the sense that Transelectrica National Electric Energy Transport Company - S.A., Retele Electrice Muntenia - S.A., Retele Electrice Dobrogea - S.A. and Retele Electrice Banat - S.A., Distributie Energie Electrica Romania - S.A., Distributie Energie Oltenia - S.A. and Delgaz Grid - S.A. elaborates its own operational procedures for the implementation of the provisions of annex no. 1 until 5 April 2025. o the provisions of art. 8 point (2) of ANRE Order no. 124/2022 in the sense that the provisions of art. 1, 3 and 4 enter into force on the date of publication and apply from1 May 2025 (they no longer apply from 1 May 2024, respectively, the application is postponed by one year); ANRE Order no. 15/2024 — Order regarding the approval of the tariff for the purchase of system services for the transport and system operator Compania Nationala de Transport al Energei Electrice "Transelectrica" — S.A. o the tariff for the purchase of system services, applied by the National Electric Power Transmission Company "Transelectrica" - S.A. is approved. at the value of 12.84 lei/MWh (without VAT). o enters into force on 1 June 2024. ANRE Order no. 18/2024 — Order for the modification and completion of some orders of the president of the National Energy Regulatory Authority regarding the electricity market o ANRE Order no.127/2021 is amended and supplemented for the approval of the Regulation on terms and conditions for balancing service providers and for frequency stabilization backup providers and the Regulation on terms and conditions for parties responsible for balancing. o in the period 1 June 2024 – 31 August 2024, the purchase of balancing capacity services for frequency stability contracted by the transmission and system operator is carried out at a maximum price of 82.30 lei/hMW for the secondary adjustment reserve/restoration reserve of the frequency with automatic activation activated when increasing and for the one activated when decreasing, at a maximum price of 37.94 lei/hMW for the reserve of rapid tertiary adjustment/frequency restoration reserve with manual activation activated when increasing and at a maximum price of 16 .38 lei/hMW for the one activated at the discount. o the ANRE Order no. 128/2021 for the approval of the rules for suspending and restoring market activities and applicable settlement rules. o enters into force on 1 June 2024. Regulatory-related Developments entered in force until 20 May 2025 – Supply (18/33) SECONDARY LEGISLATION
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70 APPENDICES - REGULATORY ASPECTS ANRE Order no. 14/2024 — Order regarding the approval of the Procedure for confirming the right to participate in the electricity/natural gas markets in Romania of foreign legal entities with registered office in a member state of the European Union o the Procedure for confirming the right to participate in the electricity/natural gas markets in Romania of foreign legal entities having their headquarters in a member state of the European Union is approved. o in relation to foreign legal entities, which obtained from ANRE the confirmation of the right to participate in the electricity/natural gas markets in Romania, economic operators holding licenses and final customers establish commercial relations and apply technical and commercial regulations under the same conditions as holders of licenses granted by ANRE for the activity of supplying electricity/natural gas or, as the case may be, for the activity of the trader of electricity/natural gas. ANRE Order no. 17/2024 — Order on the approval of regulated income, corrected regulated income and transport tariffs for the activity of natural gas transport through the National Transport System o the regulated income and the corrected regulated income related to the regulatory year between 1 October 2024 and 30 September 2025 for the activity of transporting natural gas through the National Transport System carried out by the National Company for Transport Gaze Naturale TRANSGAZ - S.A. are approved. o enters into force on 1 June 2024. ANRE Order no. 19/2024 — Order on the approval of the reference price of electricity produced in high-efficiency cogeneration, which benefits from the bonus o the reference price of 353.39 lei/MWh, exclusive of VAT, is approved for electricity produced in high-efficiency cogeneration between 1 July and 31 October 2024, a price that will be used in the overcompensation analysis of the activity related to 2024 for producers of electricity and heat in cogeneration that benefits from the bonus for high efficiency cogeneration. o enters into force on 1 July 2024. ANRE Order no. 22/2024 — Order regarding the approval of the regulated tariff for electricity exchanges with the peripheral countries, practiced by the National Electric Energy Transport Company "Transelectrica" — S.A. o the regulated tariff for electricity exchanges with peripheral countries of 2.8 euros/MWh, exclusive of VAT, applied by the National Electric Power Transport Company "Transelectrica" - S.A., for all electricity import, export and transit transactions is approved, programmed with the power systems of the peripheral countries. o enters into force on 1 July 2024. Regulatory-related Developments entered in force until 20 May 2025 – Supply (19/33) SECONDARY LEGISLATION
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71 APPENDICES - REGULATORY ASPECTS ANRE Order no. 48/2024 — Order amending the Order of the President of the National Energy Regulatory Authority no. 123/2017 on the approval of the contribution for high-efficiency cogeneration and some provisions on its invoicing method o the contribution for high-efficiency cogeneration is approved at the value of 0.0094 lei/kWh, exclusive of VAT (down by 44% compared to the previous value of 0.0168 lei/kWh applied from 01 Jan 2024). o enters into force on 1 July 2024. ANRE Orders no. 24/2024 - 47/2024 — Order for the approval of regulated tariffs for the provision of the natural gas distribution service o they apply to customers of the natural gas distribution service in the localities for which the Company holds the natural gas distribution license from 1 July 2024. ANRE Order no. 50/2024 — Order on the approval of the Methodology for establishing the maximum price for the purchase by the transmission and system operator of the system service for the regulation of the voltage in the electric transmission network o the Methodology for establishing the maximum price for the purchase by the transport and system operator of the system service for voltage regulation in the electric transport network is approved. The TSO acquires the system service for regulating the voltage in the RET through transparent, non-discriminatory and market-based procedures from any market participant, including market participants that offer energy from renewable sources, market participants that offer dispatchable consumption services, operators of power plants energy storage and market participants engaged in aggregation. ANRE Order no. 52/2024 — Order on the approval of the Framework Agreement between the CfD counterparty and the CfD contribution payer for the collection of the CfD contribution and the Framework Agreement between the CfD scheme operator and the CfD counterparty o the framework contract between the CfD counterparty and the CfD contribution payer is approved for the collection of the CfD contribution and the framework contract between the CfD scheme operator and the CfD counterparty and the electricity suppliers fulfill the provisions of this order. ANRE Order no. 51/2024 — Order on the approval of the Methodology for determining and collecting the contribution related to contracts for difference o approves the Methodology for determining and collecting the contribution related to contracts for the difference, the National Electric Energy Transmission Company "Transelectrica" - S.A. has the capacity of Operator of the CfD Scheme, Operator of the Electric Energy and Natural Gas Market "OPCOM" - S.A. has the status of CfD Counterparty o for the application of the support mechanism through contracts for the difference for energy production through technologies with low carbon emissions, the necessary funds are constituted by the monthly collection by the CfD Counterparty of the CfD contribution from all suppliers of electricity consumers in Romania o the CfD contribution, the CfD Scheme Operator contribution and the CfD Counterparty contribution come into force from 1 October 2024. Regulatory-related Developments entered in force until 20 May 2025 – Supply (20/33) SECONDARY LEGISLATION
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72 APPENDICES - REGULATORY ASPECTS ANRE Order no. 54/2024 — Order for the modification and completion of the Commercial Rules regarding the collection, processing and transmission of the measured values of electricity, approved by the Order of the President of the National Energy Regulatory Authority no. 62/2020 o the Commercial Rules regarding the collection, processing and transmission of electricity metered values are amended/supplemented with the following concepts: specific consumption profile, residual consumption profile, prosumer, reserve supply unit, reserve supply group o the deadlines for transmission to the responsible market participants of VM (measured values) and VMA (approved measured values) are modified/completed. o enters into force on 31 July 2024. ANRE order no. 57/2024 – Order regarding the approval of the tariff for the purchase of system services for the transport and system operator Compania Nationala de Transport al Energei Electrice "Transelectrica" S.A. o The tariff for the purchase of system services, charged by Compania Nationala de Transport al Energiei Electrice "Transelectrica" - S.A., in the amount of 11.51 lei/MWh, is approved; o It enters into force on 1 September 2024. ANRE order no. 60/2024 – Order for the modification and completion of some orders of the president of the National Energy Regulatory Authority regarding the electricity market o new rules on the balancing market are adopted; o aims to reduce the costs of NES (The National Energy System) balancing, potentially leading to the reduction of imbalance prices paid by Balancing Market (BM), market participants, final consumers; o the concept of "elastic demand" is used, used on the European balancing platform, to which all European countries are interconnected; TSOs are allowed to optimize and reduce NES balancing costs by using alternative offers such as specific local balancing products; During the use of elastic demand, the TSO communicates the maximum prices it is willing to pay for the selected balancing energy, which benefits all participants in the electricity market by reducing balancing costs. At the same time, the TSO has the obligation to publish the second day after the day of delivery, in a transparent and non-discriminatory manner, the prices of the offers by reserve types, as well as the marginal prices of the balancing energy selected for each settlement interval; o the rules applied to the plants in operation for the trial period were changed, by changing the price offered to them for the electricity produced which is correlated with the price for DAM for the respective settlement interval. The test period will be carried out in a schedule established with the TSO for each manufacturer depending on its power and operating voltage; o the Network Operators is required to send suppliers information, in good time, regarding the measured values related to their consumption in order to facilitate the taking of proactive measures in order to balance the portfolio; o enters into force on 1 October 2024, with the exception of the provision requiring the OR to submit timely information on measured values, which enters into force on 1 January 2025 Regulatory-related Developments entered in force until 20 May 2025 – Supply (21/33) SECONDARY LEGISLATION
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73 APPENDICES - REGULATORY ASPECTS ANRE Order no. 59/2024 – Order for the modification of the Methodology for determining and collecting the contribution related to contracts for the difference, approved by ANRE Order no. 51/2024 o the Methodology for determining and collecting the contribution related to contracts for the difference is changed: 1. The CfD Scheme Operator transmits to the CfD Counterparty the data received from the CfD contribution payers, verified, within a maximum of 12 days from the end of the month, for the previous calendar month ( initially in order no. 51/2024 the term was a maximum of 15 days), 2. The CfD counterparty must pay the invoice issued by the CfD Scheme Operator at the latest on the last day of each month for the previous calendar month (initially in order no. 51/ 2024 the payment term was the 25th of each month) etc. ANRE Order no. 58/2024 – Order for the modification of the framework contract between the CfD scheme operator and the CfD counterparty, approved by ANRE Order no. 52/2024 o the framework contract between the CfD scheme operator and the CfD counterparty is amended in the sense that the CfD counterparty has the obligation to pay monthly the equivalent of the invoices sent by the CfD scheme operator, by the last day of each month for the previous calendar month at the latest, related to the CfD contribution (initially in order no. 52/2024, the payment deadline was the 25th of each month). ANRE Order no. 62/2024 – Order for the amendment and completion of the Procedure regarding the settlement of complaints of interested parties in the energy sector, approved by ANRE Order no. 194/2020 o the Procedure regarding the settlement of complaints of interested parties in the energy sector is amended and completed: the Petition/Notification/Complaint addressed to ANRE, which does not contain attached the answer formulated by the participant in the energy market or the proof of the transmission of the request to him, is redirected to the complained for resolution and issuing a response to the petitioner, with the information of ANRE, Petitions/Notifications/Complaints are addressed to ANRE in writing, by post, by submitting directly to the registry, by sending to ANRE's fax number or by completing the dedicated form available on its own page internet of ANRE etc. ANRE Order no. 66/2024 – Order on the approval of the contribution for contracts for difference (CfD) o the contribution for contracts for the difference (CfD) is approved in the total amount of 0.000128 lei/kWh, exclusive of VAT (the CfD scheme Operator's component in the amount of 0.000019 lei/kWh, exclusive of VAT and the component of the CfD Counterparty, in the amount of 0, 000109 lei/kWh, exclusive of VAT). Regulatory-related Developments entered in force until 20 May 2025 – Supply (22/33) SECONDARY LEGISLATION
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74 APPENDICES - REGULATORY ASPECTS ANRE Order no. 72/2024 – Order for the modification and completion of the Monitoring Methodology of the system for promoting theproduction of electricity from renewable energy sources, approved by the Order of the President of the National Energy Regulatory Authority no. 52/2021 o enters into force on 1 January 2025; o purpose: the methodology for monitoring the system for promoting the production of electricity from renewable energy sources (Methodology) aims to establish how the National Energy Regulatory Authority monitors the system for promoting the production of electricity from renewable energy sources through certificates green, the system for promoting electricity produced in power plants from renewable sources with an installed power of no more than 400 kW per place of consumption belonging to prosumers, as well as the degree of fulfillment of the national target regarding the share of electricity produced from renewable energy sources in the gross final consumption of electricity; ANRE Order no. 73/2024 – Order on the approval of the reference price of electricity produced in high-efficiency cogeneration, which benefits from the bonus o the reference price of 541.96 lei/MWh, excluding VAT, is approved for electricity produced in high-efficiency cogeneration between 1 November and 31 December 2024 and in 2025, a price that will be used in the overcompensation analysis of the related activity 2024, the November-December period, and 2025, as well as the ante-overcompensation analysis related to 2025 ANRE order no. 76/2024 – Order amending the Order of the President of the National Energy Regulatory Authority no. 123/2017 regarding the approval of the contribution for high-efficiency cogeneration and some provisions regarding its invoicing method o the contribution for high-efficiency cogeneration is approved at the value of 0.0078 lei/kWh, exclusive of VAT; ANRE order no. 77/2024 – Order regarding the approval of the regulated tariff for electricity exchanges with the peripheral countries, practiced by the National Electric Energy Transport Company "Transelectrica" — S.A. o the regulated tariff for electricity exchanges with bordering countries of 2.50 euros/MWh, exclusive of VAT, applied by Transelectrica is approved; o the tariff applies to all electricity import, export and transit transactions, scheduled with the electric power systems of the perimeter countries; ANRE Order no. 78/2024 – Order amending and supplementing the Regulation on the organization and conduct of investigation activities in the energy sector regarding the functioning of the wholesale energy market, approved by the Order of the President of the National Energy Regulatory Authority no. 25/2017 o The Regulation on the organization and conduct of investigation activities in the energy sector regarding the functioning of the wholesale energy market establishes the framework for organizing and conducting investigations that ANRE is authorized to carry out. o In order to perform investigations related to the functioning of the wholesale energy market, the Regulation applies to: Participants in the wholesale energy market and their associated operational structures who hold a license in the electricity or natural gas sector or a decision issued by ANRE; Participants in the wholesale energy market and/or their associated operational structures who do not hold a license in the electricity or natural gas sector nor a decision issued by ANRE. Regulatory-related Developments entered in force until 20 May 2025 – Supply (23/33) SECONDARY LEGISLATION
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75 APPENDICES - REGULATORY ASPECTS ANRE Order no. 79/2024 – Order amending the Procedure for establishing and individualizing administrative sanctions based on turnover by the Regulatory Committee of the National Energy Regulatory Authority, following investigation actions, approved by ANRE Order no. 13/2022 o The purpose of the procedure is to determine and individualize sanctions in the case of contraventions provided under Article93(1) and Article 194 of Electricity and o Natural Gas Law no. 123/2012, for which sanctions based on turnover are prescribed under Article 93(5) and Article 195(4) of the Law, or, for non-resident entities, based on revenues obtained in Romania as recorded in their individual financial statements. o Any investigation on the wholesale electricity and natural gas markets is concluded with an investigation completion decision. o In all cases where the investigation team identifies and confirms the commission of a contravention punishable by a fine based on turnover, this shall be noted in the final investigation report, the summary note, and the draft decision for investigation closure, all of which are submitted to the Regulatory Committee, which determines and individualizes the sanction applicable to the investigated legal entity. ANRE Order no. 87/2024 – Order amending and supplementing the Regulation on the collection of the contribution for high-efficiency cogeneration and the payment of the bonus for electricity produced in high-efficiency cogeneration, approved by ANRE Order no. 116/2013 o The amendment incorporates the invoicing provisions previously set out in ANRE Order no. 123/2017. ANRE Order no. 90/2024 – Order establishing the estimated mandatory quota for the purchase of green certificates for the year 2025 o The estimated mandatory quota for the purchase of green certificates by economic operators obligated to do so for the year 2025 is set at 0.496 green certificates/MWh. ANRE Order no. 91/2024 – Order approving the contribution for high-efficiency cogeneration o As of 1 January 2025, the contribution for high-efficiency cogeneration is approved at a value of 0.0035 RON/kWh, exclusive of VAT. ANRE Order no. 100/2024 – Order supplementing ANRE Order no. 51/2024 approving the Methodology for determining and collecting the contribution related to contracts for difference o ANRE Order no. 51/2024 is supplemented to specify that the provisions of the methodology set out in Article 1 do not apply to the collection of the CfD contribution by electricity suppliers until 31 March 2025. These provisions shall apply starting from 1 April 2025. Regulatory-related Developments entered in force until 20 May 2025 – Supply (24/33) SECONDARY LEGISLATION
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76 APPENDICES - REGULATORY ASPECTS ANRE Orders no. 95/2024 – 98/2024 – Orders approving the specific tariffs for the electricity distribution service and the pricefor reactive electricity, as well as the values of investment plans for the 5th regulatory period Applies to: Retele Electrice Romania S.A.; Delgaz Grid S.A.; Distributie Energie Oltenia S.A.; Distributie Energie Electrica Romania S.A. o The new tariffs are applicable starting from 1 January 2025. ANRE Order no. 99/2024 – Order approving the tariffs for electricity transmission service and the price for reactive electricityfor the National Electricity Transmission Company "Transelectrica" — S.A., valid from 1 January 2025, as well as the values of investment plans for the 5th regulatory period. o The newly approved tariffs are applicable starting from 1 January 2025. ANRE Order no. 93/2024 – Order approving the tariffs and financial contributions collected by the National Energy Regulatory Authority (ANRE) for the year 2025 o For holders of electricity supply licenses the annual financial contribution is determined as 0.1% of the assessment base, but not less than a minimum contribution of 3,125 RON. o For electricity suppliers, the assessment base is the net turnover, as defined and calculated under applicable accounting regulations. This includes revenues from electricity supply activities — including those related to green certificates and the high-efficiency cogeneration contribution — as well as amounts recorded from the application of the electricity consumption compensation scheme and compensations granted for implementing support measures for final customers in the electricity market. o The annual financial contribution charged for carrying out activities in the natural gas sector based on a license - Natural gas supply is 0.168 lei/MWh. Regulatory-related Developments entered in force until 20 May 2025 – Supply (25/33) SECONDARY LEGISLATION
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77 APPENDICES - REGULATORY ASPECTS GEO no. 6/2025 – Emergency Ordinance on the measures applicable to final customers in the electricity market during the period 1April 2025 – 30 June 2025, and the measures applicable to final customers in the natural gas market during the period 1 April 2025 – 31 March 2026, as well as for amending and supplementing certain normative acts in the energy sector o The support scheme (price capping) shall apply for electricity for a period of 3 months, from 1 April 2025 to 30 June 2025, and for natural gas for a period of one year from 1 April 2025 to 31 March 2026; o For electricity, the final billed price is: a) Maximum 0.68 RON/kWh, VAT included, for the consumption of the following categories of household customers: • Household customers with a monthly consumption between 0 and 100 kWh inclusive • Household customers whose place of consumption is inhabited by persons using medical devices, appliances, or equipment powered by the electricity grid, necessary for treatment – based on a medical specialist’s confirmation and a request submitted to the supplier • Household customers supporting at least three children under 18 years of age (or up to 26 years of age if enrolled in education), based on a request and self-declaration • Single-parent households with at least one child under 18 (or up to 26 if the child is enrolled in education), based on a request and self-declaration b) Maximum 0.80 RON/kWh, VAT included, for household customers with monthly consumption between 100.01 kWh and 255 kWh • Electricity consumption between 255–300 kWh/month is billed at a maximum of 1.3 RON/kWh, VAT included • If consumption exceeds 300 kWh/month, the entire consumption is billed at a maximum of 1.3 RON/kWh, VAT included c) Maximum 1 RON/kWh, VAT included, for 85% of monthly consumption at the place of consumption for certain non-household customer categories (remaining 15% billed at maximum 1.3 RON/kWh with VAT, based on a legal representative’s self-declaration) d) Maximum 1 RON/kWh, VAT included, for the entire consumption of public and private hospitals, education units, nurseries, and social service providers e) Maximum 1 RON/kWh, VAT included, for 85% of monthly consumption for other public institutions and for officially recognized religious institutions (the remaining 15% billed at a maximum of 1.3 RON/kWh) f) Maximum 1.3 RON/kWh, VAT included, for all other household and non-household consumers not covered under a)–e) o For natural gas, the final billed price is: a) Maximum 0.31 RON/kWh, VAT included, for household customers b) Maximum 0.37 RON/kWh, VAT included, for:non-household customers whose annual gas consumption at the place of consumption during the previous year is no more than 50,000 MWhthermal energy producersnon-household customers in industrial parks governed by Law no. 186/2013those in closed distribution systems, as defined by Law no. 123/2012. Additional provisions: o The standard offers published by electricity/gas suppliers must not exceed the final capped billed price. o Standard offers for the period 1 July 2025 – 30 June 2026 may be issued only if the supplier has made at least 50% of the necessary energy purchases for that period, and the supply component must be clearly indicated. Regulatory-related Developments entered in force until 20 May 2025 – Supply (26/33) SECONDARY LEGISLATION
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78 APPENDICES - REGULATORY ASPECTS o Final customers’ self-declarations submitted under GEO no. 27/2022 regarding eligibility for capped prices remain valid. o The CfD (Contracts for Difference) contribution is included in the capped final price. o The rule remains in force to apply the minimum between: • the contractual price, • the capped price, and • the price resulting from the application of the GEO o Electricity Procurement: • The recognition threshold for imbalances increases from 5% to 10% of the energy purchase value/cost; • For suppliers of last resort (FUI), there is no limitation on imbalance cost recognition; • The maximum recognized acquisition price remains 700 RON/MWh; • Bilateral contracts concluded through direct negotiation must be reported to ANRE within 2 working days from the date of signing. o Reimbursement Procedure: • Reimbursement requests must be submitted before uploading the price cap data to the ANRE platform; 40% of the amount related to the reimbursement requests will be settled within 10 days of the Ministry of Finance transferring the funds to the accounts of the Ministry of Energy (ME) and ANPIS (not a deadline that the supplier can control); Suppliers are required to notify their customers about the changes arising from the application of the GEO with the first invoice issued after the GEO comes into force. o Sanctions: • Failure by operators to comply with the specified deadlines – including deadlines for correcting data uploaded to the platform and resubmitting reimbursement requests and/or self-declarations – constitutes a contravention and is punishable by a fine between 25,000 RON and 50,000 RON. o Amendments to GEO no. 27/2022: • For the period April – August 2022, the final deadline for entering the necessary data for reimbursement or settlement from the state budget is 30 April 2025; • For the period September 2022 – August 2023, the same final deadline applies: 30 April 2025. o Amendments to Electricity and Natural Gas Law no. 123/2012: • Electricity producers are required to sell at least 50% of their annual production via contracts on electricity markets otherthan DAM (PZU), ID (PI), and Balancing Market (PE). Exempted from this obligation are producers who operate only: wind power plants; photovoltaic plants; small hydro plants benefiting from green certificate support schemes, or cogeneration plants. • OPCOM is required to publish daily: reference prices, closing prices, and traded volumes. o Natural Gas Sector: • Suppliers must ensure a minimum storage level of 90% of underground storage capacity; • Natural gas producers are obligated to deliver gas at 120 RON/MWh to Storage facilities, Household customers, and Heat producers (PETs) – only for population needs, in this order of priority. Regulatory-related Developments entered in force until 20 May 2025 – Supply (27/33) SECONDARY LEGISLATION
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79 APPENDICES - REGULATORY ASPECTS GEO no. 19/2025 - Emergency ordinance on the amendment and completion of certain normative acts o an addition is made to GEO no. 6/2025 by expanding the area of application and including university education (maximum 1 leu/kWh, with VAT included, for the full consumption of state, private and private denominational higher education institutions provided for by art. 7 of Law on Higher Education no. 199/2023, with subsequent amendments and completions). GEO no. 20/2025 - Emergency Ordinance on the establishment of a state aid scheme regarding the exemption of certain categories of final consumers from the application of Law no. 220/2008 for the establishment of the system for the promotion of energy production from renewableenergy sources o the establishment of a state aid scheme is approved, with the objective of exempting from the obligation to purchase green certificates (GC), according to the provisions of Law no. 220/2008 for the establishment of the system for promoting the production of energy from renewable energy sources, a percentage of the quantity of electricity delivered to energy-intensive industrial consumers, in compliance with the European Union legislation in the field; o the authority responsible for administering the state aid scheme is the Ministry of Energy; the state aid scheme applies until 31 December 2031; the total budget of the scheme is the equivalent in lei of the amount of EUR 578.4 million, and the annual value of the state aid granted will not exceed EUR 150 million each year; o the beneficiaries of the state aid shall notify the annual exemption agreement issued by the Ministry of Energy to ANRE and the electricity suppliers with whom they have concluded electricity purchase-sale contracts, within 5 working days from the date of its receipt. Based on the annual exemption agreement received from its customer, the supplier is exempted from the obligation to purchase a number of green certificates corresponding to the quantity of electricity delivered to its customer, starting with the month immediately following the month in which the notification was sent; ME Order no. 319/2025 — Order of the Minister of Energy amending art. 1, para. (7), letter b) of the Annex to Order of the Minister of Energy no. 1120/2024 on the approval of the State aid scheme in the form of contracts for difference for the production of electricity from renewable sources of onshore wind and solar photovoltaic energy o the capacities for the 2nd CfD auction are modified, from 3,500 MW installed capacity (of which 1,500 MW offshore wind and 2,000 MW solar) to 3,472 MW (of which 2,000 MW offshore wind and 1,472 MW solar). Regulatory-related Developments entered in force until 20 May 2025 – Supply (28/33) SECONDARY LEGISLATION
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80 APPENDICES - REGULATORY ASPECTS ANPC ORDER no. 273/2025 – Order of the President of the National Authority for Consumer Protection (ANPC) for the approval of the Procedure for establishing and applying the penalty to the turnover resulting from the control activity, in accordance with the provisions of Government Emergency Ordinance No. 6/2025 regarding the measures applicable to final customers in the electricity market during the period 1 April 2025 – 30 June 2025, respectively the measures applicable to final customers in the natural gas market during the period 1 April 2025 – 31 March 2026, as well as for the amendment and completion of some regulatory acts in the field of energy o The Procedure for establishing and applying the penalty to the turnover resulting from the control activity is approved, in accordance with the provisions of Government Emergency Ordinance No. 6/2025 on the measures applicable to final customers in the electricity market during the period 1 April 2025-30 June 2025, respectively the measures applicable to final customers in the natural gas market during the period 1 April 2025 – 31 March 2026, as well as for amending and supplementing certain regulatory acts in the energy field, provided for in the annex which is an integral part of this order. ME Order no. 348/2025 — Order of the Minister of Energy amending the Applicant Guide — Specific conditions for accessing financing from the Modernization Fund — Supporting investments in new electricity production capacities produced from renewable sources for self-consumption for public entities, approved by Order of the Minister of Energy no. 1431/2023 ME Order no. 371/2025 — Order of the Minister of Energy amending the State Aid Scheme regarding the support of investments in new electricity production capacities produced from renewable sources for self-consumption, related to the Modernization Fund, approved by Order of the Minister of Energy no. 355/2024 ANRE Order no. 1/2025 – Order amending and supplementing the Framework Conditions for implementing the national rollout calendarof smart electricity metering systems (SMI), approved by ANRE Order no. 177/2018 o Electricity distribution operators (DSOs) and suppliers are required to inform the end user regarding: • the integration of the consumption site into the Smart Metering System (SMI), and • the new conditions applicable to supply and distribution services resulting from this integration. o The notification is made by sending Annex no. 7 – "Specific Conditions of the Consumption / Production-Consumption Site Integrated in the Smart Electricity Metering System", by the supplier with whom the user has a valid electricity supply contract. o This annex must be sent with the first invoice issued after the supplier receives the updated information regarding the status of the integrated consumption/production-consumption site. Regulatory-related Developments entered in force until 20 May 2025 – Supply (29/33) SECONDARY LEGISLATION
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81 APPENDICES - REGULATORY ASPECTS ANRE Order no. 2/2025 – Order establishing the mandatory quota for the purchase of green certificates for the year 2024 o The mandatory quota for the purchase of green certificates by obligated economic operators for the year 2024 is set at 0.496 green certificates/MWh. (Compared to the estimated quota of 0.4944765 GC/MWh for 2024 and the mandatory quota of 0.4946974 GC/MWh for 2023) Effective date: 1 March 2025. ANRE Order no. 4/2025 – Order amending and supplementing the Methodology for determining and collecting the contribution relatedto contracts for difference (CfD), approved by ANRE Order no. 51/2024 o CfD contribution payers must report to the CfD Counterparty: • the total quantity of electricity invoiced to all consumers served, and • the total quantity of electricity consumed at their own sites, within 10 working days from the beginning of each month. (Previously: by the 10th day of each month) o They must pay the invoices issued by the CfD Counterparty within 6 days of receipt, but no later than the last day of the month following the consumption month. (Previously: within 7 days) ANRE Order no. 5/2025 - Order amending ANRE Order no. 52/2024 approving the Framework Agreement between the CfD Counterparty and the CfD Contribution Payer for the collection of the CfD Contribution and the Framework Agreement between the CfD Scheme Operator and the CfD Counterparty o The CfD Counterparty must issue the invoice for the CfD contribution and send it to the payer no later than the 22nd of each month, for the previous calendar month. (Previously: by the 20th of each month) ANRE Order no. 6/2025 — Order approving the Regulation for granting licenses and authorizations in the electricity sector o The Regulation for granting licenses and authorizations in the electricity sector is approved (requests for granting/modifying/suspending/withdrawing licenses and authorizations submitted to ANRE and not finalized before the entry into force of this order are analyzed in accordance with the provisions of the new regulation). ANRE Order no. 9/2025 — Order on establishing the mandatory quota for the acquisition of green certificates for the year 2024 o The Regulation on the clauses and conditions for the parties responsible for balancing is amended, respectively the formulas for determining imbalances, the deadlines for transmitting information between economic operators, the methodology for the final calculation of the electricity market settlement are amended. Regulatory-related Developments entered in force until 20 May 2025 – Supply (30/33) SECONDARY LEGISLATION
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82 APPENDICES - REGULATORY ASPECTS ANRE Order no. 10/2025 — Order on the approval of the contribution for contracts for difference (CfD) o the contribution for contracts for difference (CfD) is approved in a total amount of 0.000206 lei/kWh, excluding VAT; o the order enters into force on 1 April 2025. ANRE Order no. 11/2025 — Order amending and supplementing the Order of the President of the National Energy Regulatory Authority no. 91/2022 for the approval of the Regulation on the supply of electricity of last resort o the FUI Regulation is amended (the regulation establishes the procedure for the designation by ANRE of the suppliers of last resort for electricity, the conditions for the development and cessation of the activity of supplying electricity in the regime of last resort, the method of establishing the price applied by the suppliers of last resort to the taken-over customers, as well as the procedure for taking over the consumption places of the final customers who do not have electricity supply from any other source); o the definitions are amended for: FUI nomination list - List containing the FUI nominated for each month within the rotation period, Rotation period - Period consisting of a number of consecutive calendar months equal to the number of designated FUI, in which each FUI is nominated for a single month; o for each rotation period, ANRE publishes the FUI Nomination List, through which each FUI is allocated a calendar month in which it is obliged to take over the consumption sites; the FUI nomination list is published by ANRE on its own website at least 5 days before the start of a rotation period; in the event that, during a rotation period, ANRE designates a new FUI, it will be included in the last position in the Nomination List; o the provisions regarding the billing of electricity consumption by FUI are amended (within a maximum of 10 working days from the communication of the imbalances determined based on the measured and approved values related to a calendar month, the FUI issues an invoice for the electricity consumption made in that month); o the provisions of the framework contract are amended (the clauses in the electricity supply contracts concluded under the framework contract for the supply of electricity to final customers taken over by the supplier of last resort that are in progress and that are contrary to the provisions of the Framework Contract for the supply of electricity to final customers taken over by the supplier of last resort, approved by ANRE Order no. 91/2022 for the approval of the FUI Regulation with the amendments and completions brought by this order, are amended by law from the date of entry into force of this order, except for the provisions relating to the duration of the contract); o in the case of non-household final customers with a power of over 1 MVA/consumption point, the FUI's obligation to ensure the supply of electricity under the UI regime is 3 months from the date of takeover (reduced from 6 months); o at any time during the period in which the FUI ensures the supply of electricity under the UI regime, it may send to the taken over customers offers for the supply of electricity under a competitive regime; o the provisions regarding the financial guarantee are amended (the final customer may remove the obligation to provide a financial guarantee by making a monthly advance payment); o in all situations of takeover of consumption points, FA, FUI, OD and TSO have the obligation to transmit through POSF the specific messages corresponding to each action; the deadlines that apply in the process of changing the supplier will be those provided for in ANRE Order no. 3/2022 for the approval of the Regulation - POSF; o the order enters into force on 1 April 2025. Regulatory-related Developments entered in force until 20 May 2025 – Supply (31/33) SECONDARY LEGISLATION
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83 APPENDICES - REGULATORY ASPECTS ANRE Order no. 12/2025 — Order regarding the takeover by electricity suppliers of electricity produced and delivered to the electricity grid by prosumers who own renewable power plants with an installed electrical capacity of no more than 200 kW per place of consumption and who benefit from the quantitative compensation mechanism provided for in art. 731 paragraph (3) of the Electricity and Natural Gas Law no. 123/2012, in the period between 1 April and 30 June 2025 o it is established how the quantitative compensation achieved according to the provisions of the Methodology for establishing the rules for the marketing of electricity produced in power plants from renewable sources with an installed electrical power of no more than 400 kW per place of consumption belonging to prosumers is applied, during the period 1 April – 30 June 2025 (application of GEO 6/2025). ANRE Order no. 13/2025 — Order amending and supplementing the Regulation on the last resort supply of natural gas, approved by Order of the President of the National Energy Regulatory Authority no. 173/2020 o at any time during the period in which the FUI ensures the supply of natural gas under the UI regime, it may send to the taken over customers offers for the supply of natural gas under a competitive regime; o ANRE publishes on its own website the decisions to designate it as FUI/the decisions to reject the request for designation as FUI, within a maximum of three working days from the date of their issuance, updates on its own website the List of designated FUIs and the List of FUI nominations and highlights in the POSF the quality of designated FUI of the respective supplier; o in all situations of takeover of consumption places, FA, FUI and OR are obliged to send through the POSF the specific messages corresponding to each action; o if the consumption of final customers required to be taken over under the UI regime exceeds 50% of the volume of natural gas supplied in the similar month of the previous year to final customers under the competitive regime from the portfolio of the supplier who also has the quality of nominated FUI, the latter may request ANRE to allocate the consumption places required to be taken over. If none of the FUI expresses its availability for takeover, it is allocated proportionally by ANRE between the designated FUIs, depending on the share (%) of the quantity of natural gas supplied under the competitive regime to final customers by each designated FUI supplier in the total quantity of natural gas supplied under the competitive regime to final customers by all designated FUI suppliers. Regulatory-related Developments entered in force until 20 May 2025 – Supply (32/33) SECONDARY LEGISLATION
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84 APPENDICES - REGULATORY ASPECTS ANRE Order no. 14/2025 — Order amending the Order of the President of the National Energy Regulatory Authority (ANRE) no. 124/2022 and amending and supplementing the Order of the President of the National Energy Regulatory Authority no. 127/2021 o Article 6 of Order 124/2022 is amended to the effect that by 1 December 2026, CNTEE Transelectrica - S.A., Retele Electrice Romania - S.A., Distributie Energie Electrica Romania - S.A., Distributie Energie Oltenia - S.A. and Delgaz Grid - S.A. shall develop their own operational procedures for the implementation of the provisions of Annex no. 1. ANRE Order no. 15/2025 — Order approving the General Rules regarding the implementation of market making activity on centralized natural gas markets and organized electricity markets o The General Rules on the implementation of market making activity are approved - the rules aim to establish the general principles and requirements that apply to market making activity carried out on trading platforms managed and supervised by electricity/natural gas market operators; o The market maker undertakes contractually to introduce and maintain in the market, within a minimum time interval within the trading session, set by the market operator, simultaneous firm offers for sale and purchase and to conclude transactions based on them; o the provision of market making activity is carried out according to the clauses of a contract negotiated and concluded with the market operator, based on a framework contract developed and published by the market operator on its own website, the contract is concluded for a period of at least 3 months from the date of signing. ANRE Order no. 16/2025 — Order approving the regulated tariff for electricity exchanges with perimeter countries, practiced by Compania Nationala de Transport al Energiei Electrice ”Transelectrica” S.A. o the regulated tariff for electricity exchanges with perimeter countries of 1.50 euro/MWh, excluding VAT, applied by CNTEE "Transelectrica" - S.A. is approved. The tariff applies to all import, export and transit transactions of electricity, scheduled with the electricity systems of perimeter countries; o enters into force on 15 May 2025. ANRE Order no. 17/2025 — Order establishing information measures for final electricity customers o establishes the information measures for final customers by electricity suppliers, taking into account the termination, starting with 1 July 2025, of the electricity support scheme established by GEO no. 6/2025; o electricity suppliers, by 10 June 2025, have the obligation to inform the final customers in their portfolio regarding: the cessation, starting with 1 July 2025, of the applicability of the electricity support scheme and regarding the fact that, starting with 1 July 2025, the final price of electricity invoiced by the supplier will be the contractual price, which is, as the case may be, the price communicated to the final customer at the time of concluding the supply contract or the one communicated on the occasion of updating the economic conditions related to the contract, and in the case of final customers for whom the supply of electricity is ensured under the last resort regime, the method of establishing the final invoiced price, for final customers in the portfolio whose contractual price is not modified as of 1 July 2025, the contractual price applicable as of this date. Regulatory-related Developments entered in force until 20 May 2025 – Supply (33/33) SECONDARY LEGISLATION
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85GLOSSARY Glossary ANRE Romanian Energy Regulatory Authority B2B Business to Business BET-TR Bucharest Exchange Trading - Total Return Index BM Balancing Market BoD Board of Directors BSE Bucharest Stock Exchange CAPEX Capital Expenditure CCP.RO CCP.RO BUCHAREST S.A. CPP Crucea Power Park S.R.L. DAM Day Ahead Market DEER Distributie Energie Electrica Romania DSO Distribution System Operator EBIT Earnings before interest and tax EBITDA Earnings before interest, tax, depreciation and amortization EEV1 Electrica Energie Verde 1 S.R.L. EFSA Electrica Furnizare S.A. EGMS Extraordinary General Meeting of Shareholders EL ; ELSA Societatea Energetica Electrica S.A. EPE Electrica Productie Energie S.A. FPE Foton Power Energy S.R.L. GEC&I Green Energy Consultancy & Investments S.R.L. GEO Government Emergency Ordinance GMS General Meeting of Shareholders GWh GigaWatt hour HV High Voltage IDM Intra-Day Market IFRIC International Financial Reporting Interpretations Committee IFRS International Financial Reporting Standard IMS Integrated Management System IPO Initial Public Offering LSE London Stock Exchange LV Low Voltage MV Medium Voltage MWh MegaWatt hour NBV Net Book Value NTE New Trend Energy S.R.L. NL Network Losses OGMS Ordinary General Meeting of Shareholders OPEX /OpexC Operating expenditure / Operating expenditure controllable PCI Projects of Common Interest PIF Put into Function RAB Regulated Asset Base RP Regulated period RRR Regulated Rate of Return SoLR Supplier of last resort SWE Sunwind Energy S.R.L. LSH Labour safety and health TSO Transmission and system operator TWh TerraWatt hour US Universal Service WCR Working capital requirement
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28 February Publication of the Preliminary Financial Results for FY 2024 28 March Publication of the 2024 financial annual results - documents for the Ordinary General Meeting of Shareholders on 29 April 2025 31 March Investor and analyst teleconference for presentation of 2024 consolidated financial results 29 April Annual General Meeting of Shareholders for the approval of the 2024 Financial Results 30 April Release of 2024 Annual Report 27 May Release of interim report – 1st quarter of 2025 (January-March) 29 May Investor and analyst teleconference for 1st quarter of 2025 financial results 28 August Release of interim report – 1st half of 2025 (January-June) 1 September Investor and analyst teleconference for 1st half of 2025 financial results 28 November Release of interim report – 3rd quarter of 2025 (January-September) 2 December Investor and analyst teleconference for 3rd quarter of 2025 financial results FINANCIAL CALENDAR 2025
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9 Grigore Alexandrescu Str., 1st District, Bucharest, 010621 ir@electrica.ro https://www.electrica.ro/en/investors/ +40 212 085 035 +40 731 796 111 Investor Relations Disclaimer This document has been prepared by Electrica and is for information purposes only. This presentation is not an offer, invitation or recommendation to trade in securities issued by Electrica. The consolidated financial statements and reports for the period mentioned above and prepared in accordance with applicable capital market regulations are available on the company's website by accessing: https://www.electrica.ro/en/investors/results-and- reports/financial-results/ The figures presented in this document are rounded based on the round to nearest method. As a result, rounding differences may appear. Please see also the disclaimer on slide 3.
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88PRESENTATION OF Q1 2025 FINANCIAL RESULTS Q&A Mr. Alexandru-Aurelian Chirita CEO Executive Management Ms. Andreea Lambru CBDO Mr. Stefan Frangulea CFO