Many electricity and natural gas suppliers with significant market shares have benefited enormously from the energy crisis. HotNews.ro analyzed the financial situation of several providers and found that some of them had incredible turnover growth and incredible profits in 2022.

For example, at one supplier, turnover increased by 18346%, and profit – by 3298%. And we are talking about huge money, hundreds of millions of euros, earned even by suppliers who only have one or three employees.

Who is on the list of winners with hundreds of millions of lei

Tinmar Energy. Companies under the control of businessman Augustin Oance recorded some of the highest profits. One of these companies is Tinmar Energy SA, with less than 100 employees, an energy supplier with a turnover of 9.2 billion lei in 2022, 157% more than in 2021, and a profit of 523.7 million lei, an increase of 266%.

Solprim However, this is not the only company with which businessman Augustin Oancea earned hundreds of millions of lei on the energy market. According to data available on Termene.ro, the electricity supplier Solprim SRL had only one employee. In 2022, the turnover was 770.8 million lei, an increase of 18,346%, and the profit was 103.4 million lei, an increase of 3,298%. The company’s shareholders are Tinmar Energy SA with 70% and Aderlyne Limited from Cyprus with 30%. The administrator of the company is Augustyn Oancea.

Shopping center “Oko”. Another company is Eye Mall SRL, which with three employees had a turnover of 670 million lei, up 6,060%, and a profit of 54.7 million lei, 345% more than in 2021. Shareholder companies: Aderlyne Limited Cyprus with 99.9% and Tinmar Energy 0.001%. The administrator is Augustin Oancea.

NOVA POWER & GAS. Another successful supplier in the energy market is NOVA POWER & GAS SRL, a company from Cluj, which meanwhile has also become Nuclearelectrica’s partner in the Doicești mini-reactor project. In 2022, with just over 100 employees, the turnover was 1.8 billion lei, an increase of 218%, and the profit was 230 million lei, an increase of 912%. The company is owned by E-Infra, which is controlled by brothers Simion Muresan (30%) and Teofil Muresan (40%) and businessman Marian Pantazescu (30%).

Energy distribution services it is also a supplier that has gained a lot in 2022 with only 15 employees. Turnover was 2.1 billion lei, an increase of 99%, and profit was 292.3 million lei, an increase of 333%. Costin Mirea and Sorina Mirea are 50% partners of the company.

Monsson Trading SRL, with only 47 employees, achieved a 79% increase in turnover to 903.7 million lei and a 701% increase in profit to 102.3 million lei. The company’s shareholders are Andrii Muntmark, Emanuel Muntmark and Laura Muntmark.

Renovatio Trading had a 70% increase in turnover, to 995 million lei, and a 328% increase in profit to 171.2 million lei. It has 25 employees. The shareholders of the company are RES TERRANET HOLDING SRL, ICE BLINK CONSULTING SRL and Eduard Marius Chuku.

Living capital the turnover amounted to 782.5 million lei, which is 90% more, and the profit was 187.3 million lei, which is 415% more. It has 26 employees. The shareholders are PREMIER ENERGY PLC from Cyprus with 50.9% and OMNIA CAPITAL BV with 49%.

PREMIER ENERGY SRL is present on the gas supply market, the main activity of which is gas distribution. It has 450 employees, the turnover was 2.9 billion lei, which is 199% more, and the profit was 643.4 million lei, which is 384% more. Shareholders: Ligatne Limited Cyprus 97.5%, Ligatne Gas SRL 2.3% and several local councils.

NEXT ENERGY PARTNERS SRLGalatsi, with only 11 employees, managed to achieve a turnover of 885.7 million lei, which is 30%, and a profit of 116.3 million lei, which is 559% more compared to 2021. The shareholders are: Radu Adrian Popoia – 58%, Christian Virgil Cristea – 20%, Vivalex UK Limited – 15%, Florin Roshka – 4% and Bohdan Popoy 3%

EFT Supply SRL, with 5 employees, achieved a turnover of 656.3 million lei, which is 19% less, and the profit was 51.3 million lei, an increase of 821%. The shareholders are: EFT Investments Limited UK – 80%, VOIKAN TOMASHEVICH – 15%, AMALIA GABRIELA BADEA – 2.5%, MARIN ALEXANDROU-COSTIN 2.5%.

Sustainable Energy Supply North SRL, which just entered the gas supply market, with only two employees, managed to achieve a turnover of 350 million lei and a profit of 31.2 million lei in one year of operation. The sole shareholder is Sustainable Energy Supply EOOD from Bulgaria, which in turn is controlled by Litasco, which is part of the Russian Lukoil group.

AXPO ENERGY ROMANIA SA, with 7 employees, who are represented mainly in the gas market, achieved a turnover of 887.5 million lei, which is 41%, and a profit of 67.5 million lei, which is 347%. The shareholders are Axpo International SA Luxembourg – 99.9% and AXPO Solutions AG Switzerland – 0.001%.

Electrica Furnizare SRL, owned by the Electrica group, is the largest supplier with a turnover of 11.2 billion lei, which is 89% more than in 2021, and a profit of 370.6 million lei, which is 180% more. But it is also a supplier with many employees, more than 800 in 2022, given that the largest shareholder of the parent company is the state.

Hydroelectricity it quickly became the second largest supplier, given that its main business is electricity generation. With a turnover of 9.2 billion lei, an increase of 45%, it had revenues of 2.1 billion lei from electricity supply activities and a profit of 4.4 billion lei, an increase of 45%.

CEZ Sale had a turnover of 2.9 billion lei, up 22%, and a profit of 14 million lei, up 143%.

Losses for some providers

There are also some suppliers who have reported losses with higher turnovers:

• Enel Energie (currently PPC Energie)with a turnover of 5.2 billion lei, having increased by 55%, recorded a loss of 391 million lei.
• Enel Energie Munteniawith a turnover of 4.7 billion lei, having increased by 47%, had a loss of 377.5 million lei.
• E.ON Energy Romania had a 101% increase in turnover to 13.7 billion lei, but a loss of 358.9 million lei.
• MET ROMANIA ENERGY SA, with a turnover of 5.07 billion lei, which is 106% more, had a loss of 31.2 million lei. The shareholders are MET Austria Energy Trading – 99.999% and MET SALES and Trading Holding AG Switzerland 0.001%.
• Premier Energy Trading SRL, with a turnover of 272.4 million lei, having increased by 100%, recorded a loss of 19.4 million lei. The sole shareholder is Premier Energy.

Billions of lei from the state are invested in the pockets of energy suppliers

It should be remembered that suppliers of electricity and natural gas receive compensation from the state, as they are obliged to sell at the maximum price. According to the data of the Ministry of Energy, the state put approximately 12.4 billion lei in the pockets of suppliers for the limitation/compensation schemes.

As the financial reports of many suppliers show, the energy crisis and this offsetting scheme are extremely profitable for energy companies. Eurostat data shows that contract prices for electricity and gas are among the highest in Europe.

The difference to compensation is covered by the state, that is, any taxpayer in Romania.

After the implementation of these schemes, consumers live with the illusion of lower electricity and natural gas prices, but the reality is much harsher. We pay billions of lei to suppliers, although it is not clear how justified these amounts are when electricity and gas prices have fallen across Europe and we are also feeling the effects of high inflation.

The limits were set in 2022, when prices were at record highs. Meanwhile, gas and electricity have automatically become cheaper across the EU, while cap/compensation schemes have remained unchanged. On European exchanges, gas prices were almost 90% lower than their 2022 peaks, and electricity prices tripled.

During this period, the National Energy Regulatory Authority (ANRE) controls the entire energy sector regarding prices and the application of the cap-compensation scheme.

Read also:

• What are the reasons why Romania has one of the highest electricity and gas prices in the EU / Explanation of the Ministry of Energy: Not only in Romania, companies have taken advantage