Romania's Transelectrica starts works on 306 mln lei ($64) electricity line project

Romanian power grid operator Transelectrica [BSE:TEL] said on Tuesday it has started works on the Gutinas-Smardan electricity line, a project worth 306 million lei ($72 million/64 million euro).

The project will contribute to increasing the capacity of the national energy system for the safe take-over of renewable energy production projected to grow from 2,200 MW in 2013 to 3,200 MW in 2023, Transelectrica said in a press release.

The 400 kv line is expected to be completed in 2022.

Out of the total cost of the project, some 152.1 million lei will be provided from non-reimbursable EU financial assistance represents 152.1 million lei.

The line will have a length of 140 km and will cross the counties of Bacau, Vrancea and Galati.

Transelectrica's net profit surged to 89 million lei in 2018, from 28 million lei in 2017.

The Romanian finance ministry owns 59% of Transelectrica.

Transelectrica shares traded flat at 20 lei as at 1409 CET on Tuesday.

(1 euro=4.7540 lei)

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