FUNDAMENTAL NOTE
regarding approval by the Shareholders’ General Assembly
of the draft 2016 Revenue and Expense Budget of CNTEE Transelectrica SA,
as well as the estimates for 2017-2018, with annexes
endorsed by the Supervisory Board under Decision 14/22.01.2016
The Revenue and Expense Budget is the instrument for long-term schedule and analysis of economicfinancial activities, which provides internal financial balance to carry out company operations under profitable
conditions.
In accordance with the provisions of GO 26/2013 on “enhancing financial discipline of certain economic
operators where the state or administrative-territorial unitats are single or majority shareholders or they directly or
indirectly hold majority participation” with later amendments and additions, the Company is obliged to draw up the
draft revenue and expense budget for the current year (2016), as well as estimates for the following 2 years (2017 –
2018).
The Company’s fundamentals of the draft 2016 Revenue and Expense Budget and the estimates for 2017 –
2018 were elaborated using the ‘caution’ and ‘activity continuity’ principles under economic efficiency conditions
when sizing the financial resources necessary to fund all activities.
Mention should be made the Company is managed under two-tier system by the Supervisory Board and
Directorate, both governance bodies fully compliant with the selection criteria set in GEO 109/2011, according to
Decision 5/18.07.2012 of the Shareholders’ General Extraordinary Assembly.
The template of the revenue and expense budget excerpt with proposals for 2016 and estimations for 2017 –
2018 includes:
A. PROPOSED 2016 REVENUE AND EXPENSE BUDGET (Annex 1)
The fundamentals of indicators in the draft 2016 BVC took into account the following:
- Law 339/18 December 2015 on the 2016 state budget;
- OMFP 20/07 January 2016 approving the format and structure of the revenue and expense budget, as well
as its foundation annexes;
- Methodology to set tariffs of electricity transmission services approved by Order 53/2013 of ANRE;
- Methodology to set system service tariffs approved by Order 87/2013 of ANRE;
- Order 93/2015 of ANRE approving the average tariff of transmission services and tariffs of system
services for CNTEE Transelectrica SA, applicable from 01 July 2015;
- GO 26/2013 with respect to enhancing financial discipline of certain economic operators where the state
or administrative-territorial unitats are single or majority shareholders or they directly or indirectly hold
majority participation, with later amendments and additions;
- Memorandum of Romania’s Government on “Measures to be taken into account when elaborating the
2016 revenue and expense budgets of economic operators falling under the provisions of GO 26/2013”;
- Administration Plan of CNTEE Transelectrica SA for 2013 - 2017 elaborated by the Supervisory Board
and approved by the Shareholders’ General Assembly according to the provisions of article 30 par 1 from
GEO 109/2011 on the corporative governance of public institutions;
- The hard currency exchange rates and the annual average inflation supplied by the National Prognosis
Commission (autumn forecast – November 2015);
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The Company’s estimated achievements regarding the BVC execution in 2015;
The contractual commitments assumed under the internal and external loans in progress with international
organisations EIB, EBRD, IBRD and with commercial banks;
The provisions of the applicable Collective Labour Contract of CNTEE Transelectrica SA;
The proposals for 2016 from the Company specific divisions with respect to maintenance plans,
investments, studies and research-development, professional training, risk insurance etc. approved /
endorsed by the Directorate;
The applicable legislation and regulations;
The economic-financial indicators provided in the 2016 draft revenue and expense budget are detailed in Annex 2 si
and are structured as follows:
I. TOTAL REVENUES
Company revenues are achieved mainly by providing on the electricity market, according to Licence 161/2000
issued by ANRE, updated by Decision 270/04.02.2015 of ANRE, the following services:
- Electricity transmission;
- Disptacher management of the SEN (technological and functional system services);
- Operator of the balancing market (PE / BM);
- Operator of the centralised market allocating the international interconnection capacity;
- Compensating the effects of electricity transmission grids utilisation for cross-border exchanges (ITC- Inter TSO
Compensation);
Services provided by the Companie on the electricity market are detailed in Note no. 1.
The volume and structure of total revenues included in the proposed BVC for 2016 were grounded taking mainly
into account:
a) The quantity of electricity scheduled to be delivered to consumers in 2016 of 53,000,000 MWh, higher by
526,935 MWh than the amount forecasted to be achieved in 2015;
b) The average tariffs for Company provided services on the electricity market, approved according to Order
93/2015 of ANRE (for semester I 2016) and estimated for semester II 2016 as follows:
Average tariff
- for transmission services
- for functional system services
- for technological system services
Semester I 2016
20.97 Lei/MWh
1.17 Lei/MWh
12.58 Lei/MWh
Semester II 2016
20.97 Lei/MWh
1.38 Lei/MWh
12,58 Lei/MWh
c) Estimated achievements of 2015 regarding revenues on the balancing market and the electricity transactions
using the ITC mechanism (Inter TSO Compensation);
d) Estimated achievements of 2015 for the revenues from allocation of the interconnection capacity;
e) The exchange rate of the main currencies loans have been contracted in by the Company, on 31 December
2015:
Currency
Lei/Euro
Lei/ US Dollar
Lei/100 Japanese Yens
31.12.2015
4.5245
4.1477
3.4453
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In the drafi of 2016 BVC total forecated revenues are in sum of 2,843,100 thousand Lei, about 6% than the
estimated 2015 achivements and they include:
- Operational revenues in sum of 2,806,500 thousand Lei, representing about 99% of total revenues,
decreasing about 6% compared to the estimated 2015 achievements;
- Financial revenues amounting to 36,600 thousand Lei, representing about 1% of total revenues, decreasing
about 24% compared to the estimated 2015 achievements.
1. Operatioan revenues forecasted in the draft 2016 BVC include the following revenue categories:
A) Revenues from services provided on the electricity market (sold output) in sum of 2,761,125 thousand Lei,
decreasing about 6% compared to the estimated 2015 achievements, as follows:
● Revenues from profit allowed activities amounting to 1,280,481 thousand Lei, namely revenues from the provision
of the following services- transmission, functional system services, the allocation of interconnection capacities,
revenues from Inter TSO Compensation (ITC) and from other activities (issuance of location permits, technical
connection permits, renting the available optical fibre and other assets, waste capitalisation etc.).
 Revenues from electricity transmission services were sized according to the electricity quantity of
53,000,000 MWh forecasted to be delivered to consumers in 2016 and to the 20.97 Lei/MWh average rate of
electricity transmission services approved by ANRE under Order 93/2015.
 Revenues from functional system services were sized for the electricity quantity of 53,000,000 MWh
scheduled to be delivered to consumers in 2016 and the average rate for such services of 1.17 Lei/MWh in
semester I 2016 and of 1.38 Lei/MWh estimated for semester II, as approved by ANRE under Order
93/2015.
 Revenues from the allocation of interconnection capacities were mainly determined by the frecasted
utilisation degree of available interconnection capacities by traders on the electricity market.
Also beginning with 2016 the UIOSI principle was taken into account, which means indemification of the
participants to the capacity allocation market, along the RO-BG and RO-HU borders, in case they give up
their long term capacity rights. They are indemnified with the marginal price of daily bids or with the market
spread price, relating to the price differences between the Hungarian Day-ahead Market (DAM) and the
Romanian DAM. This is the reason why the revenues from daily bids on the RO-BG border and the
revenues from capacity congestions on the HU-RO border are smaller in 2016 than in 2015.
30% of the ATC (available transfer capacity) for long term (monthly) bids on the HU-RO border will be
transfered to the coupled Romania-Hungary-Slovacia-Czech markets, thus leading to smaller revenues from
the long term allocation of interconnection capacities.
Such net revenues will be registered and used in accordance with the provisions of article 22 par (4) from
Order 53/2013 of ANRE and of article 16 par (6) from the (EC) Regulation 714/2009 as financing source of
investments meant to increase the interconnection capacity with neighbouring countries.
 Revenues from Inter TSO Compensation (ITC), as well as those from other activities were sized depending
on the estimated 2015 achievements.
● Revenues from zero profit activities amounting to 1,477,740 thousand Lei, namely revenues obtained from
provision of technological system services and from managing the balancing market.
 Revenues from technological system services, in sum of 666,740 thousand Lei, have been estimated
depending on:
- Expenses to procure technological system services (secondary control reserve, fast and slow tertiary
control);
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- The effects in the application of ANRE regulation upon procurement of technological system services for
2016.
 Revenues from the administration of the balancing market amounting to 811,000 thousand Lei were
determined statistically, according to the transaction degree on this market in previous years.
B) Other operational revenues amounting to 45,375 thousand Lei, about 7% higher than what was estimated to be
achieved in 2015, and mainly comprising- subidies quota for investments taken over in revenues, corresponding to
the calculated amortisement for property, plant & equipment financed from European funds and the connection fee;
revenues from capitalisation (sale) of materials, spare parts, waste from asset dismantling.
2. Financial revenues forecasted in the draft 2016 BVC amounting to 36,600 thousand Lei, have dropped 24%
compared to the estimated achievements of 2015 and include:
a) Financial assets (dividends received from company subsidiaries) in sum of 1,000 thousand Lei;
b) Favourable differences of exchange rates resulting from monthly revaluation, as per the Company’s accounting
regulations, of liabilities and debts in hard currency amounting to 30,000 thousand Lei. Hard currency differences
were calculated using the exchange rates of the national currency estimated for 2016;
c) Interest rates of bank deposits in sum of 5,000 thousand Lei, decreasing against the estimated achievements of
2015 because commercial banks reduced their interest of Lei deposits, while the BNR dropped the level of minimum
compulsory Lei & hard currency reserves and the interest rate of monetary politics;
d) Other financial evenues amounting to 600 thousand Lei.
II.
TOTAL EXPENSES
The volume and structure of total expenses included in the draft 2016 BVC were dimensioned depending on the
revenues scheduled for achievement, on the expenses for electricity procurement to cover technical losses (CPT), the
expenses with functional system services (unplanned electricity exchanges on the DAM and BM), the Company
plans elaborated by specific divisions for activities such as- maintenance, investments, studies, providing labour
security and health, installations security, professional training, personnel expenses, financial expenses etc. so that
Company activities could be carried out under economic efficient conditions, but also safe operation of the National
Power System (SEN).
Total expenses forecasted in the draft 2016 BVC amounting to 2,622,085 thousand Lei increased about 1%
compared to the estimated 2015 achievements and they include:
1. Operational expenses in sum of 2,567,752 thousand Lei, representing about 98% of total expenses and
increasing about 1% compared to the estimated 2015 achievements, include the following expense categories:
A. Expenses for goods and services, of which:
A0 - Operational expenses on the electricity market
A1 - Expenses with stocks
A2 - Expenses for services executed by third parties
A3 - Expenses for other services provided by third parties
B. Expenses with taxes, charges and assimilated payments
C. Personnel expenses
D. Other operational expenses
A. Expenses for goods and services amounting to 2,003,634 thousand Lei increased about 2% compared to the
estimated 2015 achievements and include:
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A0 - Operational expenses on the electricity market amounting to 1,736,640 thousand Lei, about 3% lower than
the estimated 2015 achievements
This expense chapter was introduced in Annex 2 in accordance with the provisions of chap. II item 8 from Order
20/2016 of MFP, representing specific expenses for Companyy activities on the electricity market, as shown in Note
no. 2.
Operational expenses comprise those expense categories on the electricity market which are fully covered by
Company revenues as follows:
- Expenses representing payment liabilities from the transmission and system tariff, as well as ITC expenses
amounting to 258,900 thousand Lei, about 9% higher compared to the estimated 2015 achievements, which are
covered by revenues obtained from profit allowed activities;
- Expenses with non-profit activities amounting to 1,477,740 thousand Lei, about 5% lower than the estimated 2015
achievements, which are covered by revenues from non-profit activities.
● Operational expenses forecasted for 2016 that are fully covered by revenues from profit allowed activities
amounting to 258.900 thousand Lei, which include:
- Expenses necessary to procure electricity as required to cover technological consumption (losses) (CPT) on the
electricity market, amounting to 202,600 thousand Lei. The main factors that can impact CPT expenses in 2016 are:
- Absence of output in the power plants of OMV Petrom SA and Romgaz (Iernut), situated in deficit areas in
generation terms, whose operation reduces long-distance electricity transmission;
- High hydraulic level, which on the one side determines increased output, especially in zonele excess areas,
thus leading to higher losses, and on the other hand induces Corona losses as consequence of abundant rains;
- Operation of wind power parks at higher capacity (above about 1000 MW), which determines RET operation
in Dobrogea region and adjacent areas to higher values than the natural capacity of transmission lines, thus
leading to marked growth of Joule losses;
- Long-distance transmission of electricity generated from wind sources to deficit consumption areas in
Moldova and Transylvania or to export, on the interconnection lines with;
- Physical export flows along the Ukrainian or Hungarian borders and the physical import flows on the
Bulgarian and Serbian borders.
In 2016 the electricity quantity estimated to be procured in order to cover the technological losses estimated by the
National Power Dispatcher (DEN) is of 1,0663 TWh, against 190 Lei/MWh average procurement price on the
Bilateral Contract Market, the Day-ahead Market and the Intra-day Market.
- Congestion expenses in the RET amounting to 6,800 thousand Lei, which increased in comparison with the
estimated 2015 achievements, mainly due to:
- Possible occurrence of network congestions in Bucuresti City, especially during summer when the generation
in the region (Combined Heat and Power Plants) is reduced because central heating does not operate. It is not
enough to change the network topology to remove congestions but output is re-dispatched;
- Disconnecting transmission lines for maintenance work to the 400 kV OHL Rosiori – Mukacevo;
disconnections are agreed mutually with external partners taking into account all available information about
generation, estimated consumption and other disconnections in the RET;
- Occurrence of network restrictions in Dobrogea region in case electric lines are taken out of operation for
maintenance and investments in the RET;
- Operating under the risk of congestions in the 110 kV Medgidia - Harsova - Costanta area, as a consequence
of the overloaded distribution network;
- Likely occurrence of congestions in other SEN areas as well (e.g. 400 kV OHL Gutinas-Brasov, 400 kV OHL
Smardan-Gutinas, 400 kV OHL Iernut - Sibiu Sud) during prolonged drought intervals or in winter.
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- Expenses for electricity procurement for consumption providing auxiliary services in electric transformer
substations (end consumer) amounted to 15,500 thousand Lei, higher than the estimated 2015 achievements;
- Expenses from functional system services (unplanned electricity exchanges with neighbouring countries) amounted
to 13.800 thousand Lei, about 13% higher than the estimated 2015 achievements;
In the context of the interconnected with the ENTSO-E network, particular attention is paid to keep the (import /
export) balance of SEN with neighbouring systems. Such activities lead to deviations of the balance achieved as
against the scheduled one (positive/negative imbalances of the BRP – unplanned exchanges). The main factors that
influence badly the imbalances of BRP SN (unplanned exchanges) are- increased installed capacity from renewable
sources, the secondary control band and the fast tertiary reserve);
- Expenses with Inter TSO Compensation (ITC) amounting to 20.000 thousand Lei, estimated using the
compensating mechanism for the utilisation of electricity transmission networks in making cross-border exchanges.
● Operational expenses forecasted for 2016 that are fully covered by revenues from non-profit activities amounting
to 1,477,750 thousand Lei include:
a) Expenses for technological system services amounted to 666,740 thousand Lei, about 5% higher than the
estimated 2015 achievements amounting to 637,653 thousand Lei. In the budgeting process technological system
service expenses are placed at the same level with revenues for technological system services (zero profit activity).
The Company procures technological system services from producers with a view to maintain the operational safety
of the SEN and electricity quality at parameters set in applicable technical norms, based on the need determined by
the National Power Dispatcher (unit within the Company), which is responsible for the steady-state safe operation of
the SEN.
Such services are contracted:
- In regulatory regime based on Governmental and ANRE decisions;
- By competitive mechanisms;
For 2016 the Company procures technological system services under regulatory regime based on GD-s 941/2014
and 1019/2015 and on Decisions 859/2015, 1377/2015, 1423/2015, 2591/2015, 2592/2015, 2593/2015, and
2594/2015 of ANRE.
b) Expenses for balancing marked management amounted to 811,000 thousand Lei, about 12% lower than the
estimated 2015 achievements amounting to 923.023 thousand Lei;
In the budgeting process balancing market management expenses are fully covered by revenues obtained from the
administration of this marke (zero profit activity).
A1 - Expenses with stocks amounted to 21,915 thousand Lei, being 11,241 thousand Lei higher than the estimated
2015 achievements; such growth was mainly determined by:
- Capitalisation of stocks from equipment dismantling in electric substations managed by the Company after
maintenance operations, refurbishment or modernisation; revenues forecasted from such stock capitalisation are
properly registered under 'other operational revenues’;
- The need to procure materials for fire prevention and fighting (PSI), emergencies (SU), labour security and
health (SSM); in accordance with the updated Law 307/2006 on fire defence, such PSI should be kept
operational; after periodical inspections and according to IGSU’s guidelines the need was ascertained to replace
certain extinguishers, PSI packages, fire fighting materials and means etc. (given their age or deterioration);
according to the provisions of the republished Law 481/2004 on civil protection annual funds should be
provided to procure materials for civil protection (in case of seism, flood, drought, snow storms etc.);
In accordance with the requirements of GD 1.048/2006 on the minimum security and health requirements for
workers’ handling of individual protection equipment on the job, further endowment with individual protection
equipment is performed for the employees working in electric installations.
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- Procuring consumables as neceasary for IT and telecom activities of the National Power Dispatcher (managing
also the balancing market) for data storage /archiving /saving equipment necessary to locally protect data as an
alternative to the centralised data saving solution to be implemented in the Company;
- The increased electricity distribution and water supply tariffs in all administrative offices of the Company;
A2 - Expenses for services executed by third parties amounted to 184,576 thousand Lei, registering about 46%
increase compared to the estimated 2015 achievements. About 95% of these expenses go to maintenance and repairs,
as shown in Note no. 3.
Maintenance expenses amounting to 175,780 thousand Lei are about 48% higher than the estimated 2015
achievements, being mainly determined by increased RET (transmission network) maintenance expenses as well as
maintenance expenses for the integrated systems of installations security and supervision (including data-voice
security systems), for IT&Tc systems (IT&Tc equipment from electric substations and territorial dispatchers etc.).
This category comprises also the following expenses:
- Rent expenses amounting to 7,685 thousand Lei, about 10% higher than the estimated 2015 achievements; the
Company is partially working in rented office space under lease contracts, with annual rent indexation;
- Insurance premium expenses amounting to 1,111 thousand Lei, about 18% higher than the estimated 2015
achievements and including- insurance policies for goods, people, buildings, caars and equipment; the professional
liability insurance for Supervisory Board and Directorate members, according to mandate contracts (Compane under
two-tier system).
A3 - Expenses for other services provided by third parties amounted to 60,503 thousand Lei, about 65% increase
above the estimated 2015 achievements.
Such increase is mainly determined by higher guarding expenses (Law 333/2003 about the guard over goods and
persons) - the electricity transmission network being part of Romania’s critical infrastructure, as well as other
expenses for services executed by third parties (labour protection, labour security and health, environmental
protection, transportation of goods and personnel, rating agencies, organising symposia and conferences,
meteorological services etc.).
Protocol expenses provided in the draft 2016 BVC amounted to 500 thousand Lei.
The shares of CNTEE Transelectrica SA are listed to the Bucharest Stock Exchange, so the Company aims at having
direct permanent dialogue with the representative of international investors interested in investing in Romania, thus
the possibility being provided to directly describe them the achievements in order to draw investment funds. Also
the Company in its capacity of ENTSO-E member should enhance external communication with interconnection
partners from European Union countries, substantiated in bilateral cooperation meetings and reunions with the
representatives of central and local administration on the occasion of commissioning major investment objectives.
Sponsorship expenses amounting to 1,000 thousand Lei and provided in the draft 2016 BVC increased 860 thousand
Lei compared to the estimated 2015 achievements.
Taking into account Directiva 2014/95/EU will introduce the obligation to report non-financial performance for
companies like CNTEE Transelectrica SA, in 2016 the Company intends drawing up a project plan for Corporate
Social Responsibility embodied under social partnerships, projects or events organised in cooperation with various
NGO-s.
The Company also intends to gradually adopt and integrate in its business model the best CSR programmes so that
both managerial acts could acquire efficiency and the Company - value, by increasing the confidence of employees,
shareholders, and partners and of the community in general in its economic and social potential.
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Legal consulting expenses amounting to 100 thousand Lei provided in the draft 2016 BVC represent procurement of
juridical consulting and assistance services that cannot be covered by the legal advisors hired and/or representation
services for activities, as well as for any act of CNTEE Transelectrica SA in achieving the HVDC Submarine
Electric Cable project between Romania and Turkey.
B. Expenses with taxes, charges and assimilated payments amounting to 21,283 thousand Lei diminished about
21% below the estimated 2015 achievements, and include in the main expenses with building taxes, royalty
expenses, ANRE fees, other taxes and charges.
C. Personnel expenses amounting to 191,487 thousand Lei registered about 11% increase as budgetary indicator
compared to the estimated 2015 achievements, being structured as follows:
- Wage type expenses (Note no. 4) amounting to 149,094 thousand Lei include salary expenses and bonuses,
increasing about 7% compared to the estimated 2015 achievements, being structured as follows:
 Wage expenses amounting to 123,760 thousand Lei were maintained at the level approved for 2015 BVC
while observing the salary policy established for the year 2016 in the State budget law 339/2015 article 54.
 Bonuses amounting to 25,334 thousand Lei increased about 60% compared to the estimated 2015
achievements.
 According to the Fiscal Code applicable since 01 January 2016 social expenses are deductible to the
limit of a 5% quota applied to the personnel wage expenses.
In 2016 the Company provided social expenses of 4.9% in the draft BVC, applied to wage expenses;
 In accordance with the Governmental Emergency Ordinance 8/2009 on holiday vouchers, with later
amendments and addition, in 2016 expenses amounting to 5,450 thousand Lei (2,180 employees x 2
vouchers x 1,250 Lei) were provided under Meal tickets, in Bonuses chapter.
- Expenses with the mandate contract and other governance and control bodies, commissions and committees
(Note no. 4) - amounting to 4,506 thousand Lei, by 2,916 thousand Lei higher than the estimated 2015
achievements, corresponding to expenses related to the mandate contracts for Directorate and Supervisory Board
members, fixed and variable components, since the Company is managed in two-tier system.
The variable component was estimated using the Virtual Share Options Transelectrica (OAVT) applicable in 2016,
within the limits set under HAGAO 1 of 23 March 2015.
- Expenses for insurance and social security, special funds and other legal liabilities - amounted to 37,887
thousand Lei, about 19% higher than the estimated 2015 achievements, mainly determined by the entity’s increased
contribution to voluntary health insurance for a greater number of employees that requested benefitting of this
facility, as well as be increased expenses with the contribution to facultative pension schemes. In 2015 Company
employees joined individually a facultative pension fund, beginning with December (3rd unit of facultative
pensions).
D. Other operational expenses amounted to 351,348 thousand Lei, about 1% lower than the estimated 2015
achievements, and include:
- Expenses with non-current assets represented by expenses with non-amortised value of assets planned to be taken
out of operation after beginning upgrading/refurbishment of electric installations;
- Other operational expenses mainly represented by- internal and international subscriptions owed by CNTEE
Transelectrica SA in its capacity of member in European organisations (ENTSO-E, CIGRE), expenses with the
Company’s obligation to print current and periodical reports for shareholders;
- Amortisement expenses for property, plant & equipment and intangible assets;
- Adjustments and impairments for losses and provisions for risks and expenses, including disputes;
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- Expenses for provisions estimated for the Company debt toward Directorate and Supervisory Board members and
for the performance bonus depending on the profitability of Company shares to shareholders, according to the
liabilities from the Mandate contract (Nota nr. 4).
2. Financial expenses - amounted to 54,333 thousand Lei, about 19% than the estimated 2015 achievements,
including expenses with interest rates falling due in 2016 for the credits committed for investments, interest rates
payable for the bond emission and expenses for the unfavourable exchange rates resulting from monthly revaluation
of liabilities and debt in hard currency, according to the accounting regulations applicable to the Company.
III. Gross result
The Company has budgeted the close of the 2016 financial year with gross profit of 221,014 thousand Lei, lower
than the estimated 2015 achievements in sum of 214,066 thousand Lei, determined by decreased level of some
revenues from the electricity market but also by higher expense categories within total expenses, justified in this
Fundamental note.
IV. INCOME TAX
Income tax expenses were determined according to the provisions of Law 571/2003 on the Fiscal Code.
Fiscally non-deductible expenses and non-taxable revenues were estimated for the 2016 income tax calculation
using the estimated achievements of 2015 and the expenses included in the draft 2016 BVC, being provided in Notes
no. 5 & 6.
The 2016 income tax was calculated also including the taxation of reserves from revaluation of non-current assets,
lands included, applied after 1 January 2004, which are deducted from the calculation of taxable profit by means of
the fiscal amortisement or expenses with assets given and/or dismantled (article 22 par (5) of the Fiscal Code).
In accordance with the provisions of Law 571/2003, such revaluation reserves ae taxed simultaneously with the
deduction of fiscal amortisement, namely when such non-current assets are taken out of the books, according to each
case.
V. ACCOUNTING PROFIT REMAINING AFTER DEDUCTION OF THE PROFIT TAX
The net profit forecasted to be achieved in 2016, amounting to 192,202 thousand Lei, was distributed observing the
provisions of GO 64/2001 on profit distribution in national societies, national and trading companies with full or
majority state capital, including independent companies, approved with amendments by Law 769/2001, with later
amendments and additions as well as the dividend policy approved by the Supervisory Board under Decision
12/2016, according to which 75% quota was distributed as dividends for 2016.
Annex 1 line 29, Other law-provided distributions, includes:
- Revenues from the allocation of interconnection capacities; Regulation (EC) 714/2009 and Order 53/2013 of
ANRE provide using the revenues from the allocation of interconnection capacities in order to make network
investments so as to maintain or increase such capacities; under such circumstances revenues forecasted to be
achieved from allocations of interconnection capacities in 2016, net of the income tax owed to the state budget and
of the legal reserve constituted according to legal provisions, were distributed to the purpose set in GO 64/2001 in
article 1 let d), namely Other law-provided distributions to finance investment projects so as to maintain or
increase Romania’s cross-border interconnection capacities;
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- Exemption from payment for the re-invested profit, in accordance with the provisiosn of article 19⁴ of Law
571/2003 on the Fiscal Code, with later amendments and additions.
VI –VII. ELIGIBLE REVENUES AND EXPENSES FROM EUROPEAN FUNDS
In 2016 the Company will initiate the project FutureFLOW Designing eTrading Solutions for Electricity Balancing
and Redispatching in Europe Grant Agreement financed from European funds, where Transelectrica is membera in
the consortium established for project implementation, which revenues/expenses were estimated according to Annex
1.
VIII. FINANCING SOURCES FOR INVESTMENTS in 2016
Investment financing sources forecasted for 2016 amount to 836,178 thousand Lei, about 6% higher than the
estimated 2015 achievements (Annex 4 with fundamentals of the draft BVC/2016) being structured as follows:
No.
A
B
C
D
Sources of investment financing
Total financing sources, of which:
One’s own sources, of which:
Amortisemen
Profit distribution
Other law-provided distributions (revenues from the allocation of
interconnection capacities and the re-investit profit)
Bank credits
Other sources, of which:
European funds
Sources available on 01.01.2016 (estimate)
thousand Lei
2016
836,178
499,452
313,924
59,624
125,904
5,200
5,200
331,526
IX. INVESTMENT EXPENSES in 2016
The Investment plan of CNTEE Transelectrica SA in 2016 (Annex 4 to the BVC/2016) was elaborated in
accordance with the Company’s Management plan, investment priorities being determined in the 2014 – 2023 RET
development plan.
The Investment plan was drawn up taking into account the financing sources, priority being provided to the
commitments of previous years (objectives in progress) and to the new investments.
The Company 2016 Investment plan includes the following objectives:
-
Refurbishment /upgrade of the vital nodes in the Electricity Transmission Grid- electric substations, which
were classified by priority using multi-criteria analysis;
Developing the network of high voltage overhead lines (OHL) with a view to provide uninterrupted safe
supply of consumers (making Romania’s 400 kV ring);
Enhancing the RET in order to integrate the new producers in the National Power System (SEN);
Developing the interconnection capacity of the RET both inside ENTSO-E and with neighbouring countries
outside the European Union (Moldova, Serbia, Turkey);
Developing and upgrading the protection infrastructure and the security of RET;
Modernising the IT and telecom infrastructure;
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Structure of 2016 investment expenses:
No. Categories of expenses
Total general (A+B+C)
A
Expenses specific to the Company
B
Investment expenses from the connection fee
C
Repayments of credits taken for investments
D
Suppliers’ balance on 31.12.2015 (estimate)
thousand Lei
2016
535,837
350,161
5,406
163,000
17,270
X. FUNDAMENTAL DATA
1 - 6. Fundamentals of the wage nature expenses are shown in Note no. 4
8 – 9. Payments and outstanding liabilities
In draft 2016 BVC outstanding payments amount to 105 thousand Lei, being 15% diminished against the forecast of
31.12.2015, according to the Public Finance Ministry’s Memorandum -Measures to be taken into account when
elaborating the 2016 revenue and expense budgets of economic operators applying the provisions of Governmental
Ordinance 26/2013;
Liabilities were estimated at 157,069 thousand Lei, of which outstanding liabilities for the adiministration of the
support scheme amounting to 123,973 thousand Lei, determined by the operations of the support scheme for high
efficiency cogeneration, namely the generators’ refusal to pay the Company-issued invoices for the overcompensation of high efficiency electricity and heat cogeneration in the 2011-2014 evaluation period, according to
ANRE decisions, also taking into account the juridical situation of these generators that are insolvent (RAAN and
SC Electrocentrale Oradea SA) for which outstanding liabilities are registered under the support scheme.
B. BUDGETARY ESTIMATES FOR 2017 – 2018
The budetary expenses in the template excerpt with 2017 – 2018 budgetary estimations took into account:
- Macroeconomic data supplied by th National Prognosis Commission (2015 autum forecast) on the projected
inflation (2.7% in 2017 and 2.5% in 2018) and the average hard currency exchange rates (4.42 Lei/Euro in
2017 and 4.40 Lei/Euro in 2018);
- OMFP 20/2016 approving the formatul and structure of the revenue and expense budget, as well as its
fundamental annexes;
- Methodology setting tariffs for electricity transmission services, approved by Order of 53/2013 ANRE;
- Methodology setting tariffs for system services approved by Order 87/2013 of ANRE;
- Administration Plan of CNTEE Transelectrica SA for 2013 - 2017 elaborated by the Supervisory Board and
approved by the Shareholders’ General Assembly in accordance with the provisions of article 30 par 1 from
Emergency Ordinance 109/2011 on the corporative governance of public institutions;
- Fundamentals of the draft BVC for 2016;
- Contractual liabilities assumed under internal and external loans in progress with international organisations
EIB, EBRD, IBRD and commercial banks;
- The provisions of the applicable Collective Labour Contract of CNTEE Transelectrica SA;
- Applicable legislation and regulations ;
11
x
x
x
Mention should be made that, according to the provisions of GEO 26/2013 with later amendments and additions, the
draft 2016 revenue and expense budget and the 2017- 2018 estimations were elaborated in consultation with the
trade union organisation of Company employees, and the draft was sumitted to financial control according to GD
1151/2012 approving the Methodological norms on the organisation and exercise of managerial financial control.
In accordance with GO 11/27.01.2016 amending and adding GEO 26/2013, article 4, par (1), let d) “Revenue and
exoense budgets of economic operators are approved by decision of the Shareholders’ General Assembly or,
according to each case, by the Supervisory Board in case of economic operators whose shares are admitted for
transaction on the reuglated market, and their subsidiaries”.
In accordance with article 14, par (1), let i) from the Articles of Association of CNTEE Transelectrica SA updated
on 23.03.2015 by HAGAE 2/23.03.2015, we hereby submit to the approval of the Shareholders’ General Assembly
the draft BVC of CNTEE Transelectrica SA for 2016 and the 2017 - 2018 estimates, with annexes.
DIRECTORATE,
Ion Toni Teau
Constantin Vaduva
Directorate Chairman
Member
Octavian Lohan
Member
Ion Smeeianu
Member
Catalin Chimirel
Member
Maria Ionescu
Director, Economic Division
Veronica Crisu
Manager, Accounting Department
Endorsed,
Juridical and Administrative Disputes Division
12
MINISTERUL ECONOMIEI, COMERTULUI SI RELATIILOR CU MEDIUL DE AFACERI
Operatorul economic: CNTEE TRANSELECTRICA SA
Sediul/Adresa: Strada Olteni nr. 2-4, sector 4 Bucuresti
Cod unic de înregistrare: 13328043
Anexa nr.1
BUGETUL DE VENITURI ŞI CHELTUIELI PE ANUL 2016
APPENDIX NR.1
thousand Lei
%
INDICATORS
2
1
0
1
1
Total operational expenses, of which:
2
a) subsidies, according to applicable legal provisions
b) transfers, according to applicable legal provisions
Financial revenues
2
3
4
5
3
Extraordinary revenues
6
TOTAL EXPENSES (ln.7=ln.8+ln.20+ln.21)
7
Operational expenses, of which:
8
II
1
A. expenses for goods and services
B. expenses of taxes, charges & similar payments
C. personnel expenses, of which:
C0 Salary type expenses (ln.13+ln.14)
C1 expenses for salaries
C2 bonuses
C3 other personnel expenses, of which:
expenses with compensating payments under
personnel lay-offs
Expenses for the mandate contract and other
C4 governance and control bodies, commissions and
committees
expenses of insurance and social protection,
C5
special funds and other legal obligations
D. other operational expenses
Financial expenses
2
Extraordinary expenses
3
GROSS RESULT (profit)
INCOME TAX
V
1
3
6
7
a)
b)
c)
d)
5
6=5/4
Estimations for Estimations for
2017
2018
7
8
9=7/5
10=8/7
9
10
3.032.665
2.984.492
2.843.100
2.806.500
0,94
0,94
2.883.004
2.851.779
2.900.799
2.881.799
1,01
1,02
1,02
1,03
48.173
36.600
0,76
31.225
19.000
0,85
0,52
2.597.586
2.528.291
1.973.177
26.922
173.073
139.562
123.756
15.806
-3
2.622.085
2.567.752
2.003.634
21.283
191.487
149.094
123.760
25.334
0
1,01
1,02
1,02
0,79
1,11
1,07
1,00
1,60
0,00
2.661.337
2.617.551
2.021.608
12.475
197.776
152.689
127.102
25.587
0
2.678.222
2.648.251
2.033.906
12.596
202.416
156.218
130.279
25.939
0
1,01
1,02
1,01
0,59
1,03
1,02
1,03
1,01
-
1,02
1,03
1,02
0,59
1,06
1,05
1,05
1,02
-
1.590
4.506
2,83
6.332
6.600
1,41
1,46
16
17
31.924
37.887
1,19
38.755
39.598
1,02
1,05
351.348
54.333
385.692
43.786
399.333
29.971
21
22
23
221.015
35.473
0,99
0,81
0,00
0,51
0,52
221.667
38.076
222.577
38.278
1,10
0,81
1,00
1,07
1,14
0,55
1,01
1,08
ACCOUNTING PROFIT REMAINING AFTER DEDUCING
THE PROFIT TAX, of which:
24
373.011
192.203
0,52
190.418
191.126
0,99
0,99
Legal reserves
25
21.291
10.901
0,51
10.483
10.529
0,96
0,97
29
86.812
89.320
1,03
71.820
63.840
0,80
0,71
30
264.908
91.982
0,35
108.115
116.757
1,18
1,27
31
6.603
6.661
1,01
6.827
6.827
1,02
1,02
198.681
68.986
0,35
81.086
87.568
1,18
1,27
116.602
40.487
0,35
47.588
51.392
0,69
1,27
82.079
28.500
0,35
33.498
36.176
1,18
1,27
59.624
16.335
0,27
20.202
22.362
1,24
1,37
-
361
-
427
270
1,18
0,75
-
361
-
427
270
1,18
0,75
-
314
47
-
248
179
223
47
0,79
3,81
0,71
1,00
790.452
836.178
1,06
773.595
1.142.621
0,93
1,37
26
27
28
Minimimum 50% payments to the state or local budget
in case of independent companies, or dividends owed
to shareholders in case of national
32
8
societies/companies with full or majority state capital,
of which:
33
a) - dividends owed to the state budget
33a
b) - dividends owed to the local budget
dividends
owed
to
other
shareholders
34
c)
Profit not distributed to the purposes provided in ln.31 ln.32 is distributed to other reserves and constitutes
35
9
own financing source
REVENUES FROM EUROPEAN FUNDS
36
VII
%
355.119
66.912
2.382
435.079
68.671
Other law-provided distributions
Accounting profit remaining after deduction of sums
from lines 25, 26, 27, 28, 29
Employees' participation to profit within the limits of
10% of the net profit, but no more than one basic
monthly average wage paid by the economic operator
in the reference financial year
5
14
15
4
Proposals for
2016
19
20
Constituting own financing sources for projects
cofinanced by external loans, and constituting sources
necessary to reimburse capital instalments, pay
interest rates, fees and other costs for such loans
4
9
10
11
12
13
Estimated for
2015
18
Other reserves representing law-provided fiscale
facilities
Covering the accounting losses of previous years
2
VI
3
TOTAL REVENUES (line1=ln.2+ln.5+ln.6)
I.
III
IV
line
no.
ELIGIBLE EXPENSES FROM EUROPEAN FUNDS, of
which:
material expenses
salary expenses
expenses for service provision
expenses for advertisment and publicity
e) other expenses
37
38
39
40
41
42
FINANCING SOURCES FOR INVESTMENTS, of which:
43
Allocations from the budget
budgetary allocations to pay the commitments of
previous years
EXPENSES FOR INVESTMENTS
FOUNDATION DATA
44
46
47
458.926
535.837
1,17
690.152
964.659
1,29
1,80
1
Number of personnel forecasted at the end of the year
48
2
Average total number of employees
49
2.180
2.180
2.180
2.180
1,00
1,00
2.180
2.180
2.180
2.180
1,00
1,00
1,00
1,00
VIII
1
IX
X
45
Page 1 of 3
%
1
0
3
INDICATORS
line
no.
Estimated for
2015
Proposals for
2016
%
2
3
4
5
6=5/4
MonthlyREVENUES
TOTAL
average gain
(line1=ln.2+ln.5+ln.6)
per employee (Lei/person)
determined using salary type expenses *)
50
4.998
Page 2 of 3
5.215
1,04
Estimations for Estimations for
2017
2018
7
8
5.350
5.479
9=7/5
10=8/7
9
10
1,03
1,05
%
1
0
4
5
6
7
8
9
INDICATORS
line
no.
Estimated for
2015
Proposals for
2016
%
2
3
4
5
6=5/4
TOTAL REVENUES (line1=ln.2+ln.5+ln.6)
Monthly average gain per employee determined using
wage expenses (Lei/person) (ln.13/ln.49)/12*1000
Labour productivity in value units per total medium
personnel (thousand Lei/person) (ln.2/ln.49)
Labour productivity in physical units per total medium
personnel (quantity of finished products / person)
Total expenses against 1000 lei total revenues
(ln.7/ln.1)x1000
Outstanding payments
Outstanding liabilities
Estimations for Estimations for
2017
2018
7
8
9=7/5
10=8/7
9
10
51
4.731
4.731
1,00
4.859
4.980
1,03
1,05
52
1.369
1.287
0,94
1.308
1.322
1,02
1,03
54
857
922
1,08
923
923
1,00
1,00
55
56
124
184.787
105
157.069
0,85
0,85
105
157.069
105
157.069
1,00
1,00
1,00
1,00
53
*) Line 50 = line 155 of the Fundamental annex no. 2
DIRECTORATE,
Ion-Toni Teau
Directorate Chairman
Constantin Vaduva
Member
Octavian Lohan
Member
Maria Ionescu
Director, Economic Division
Veronica Crisu
Manager, Accounting Department
Page 3 of 3
Ion Smeeianu
Member
Catalin Chimirel
Member
MINISTERUL ECONOMIEI, COMERTULUI SI RELATIILOR CU MEDIUL DE AFACERI
Operatorul economic: CNTEE TRANSELECTRICA SA
Sediul/Adresa: Strada Olteni nr. 2-4, sector 4 Bucuresti
Cod unic de înregistrare: 13328043
Anexa nr.2
Detalierea indicatorilor economico-financiari prevăzuţi în bugetul de venituri şi cheltuieli pentru anul 2016
mii lei
INDICATORS
0
I.
II
1
2
line Achieved in
no.
2014
3
TOTAL REVENUES (ln.2+ln.22+ln.28)
1
Total operational revenues
2
1
a) from sold output (ln.4+ln.5+ln.6+ln.7), of which:
3
4
a1) sale of products
5
a2) services provided on the electricity market
6
a3) royalties and rents
7
a4) other revenues
b) from sold merchandise
8
c) subsidies and operational transfers associated to net
9
c1 subsidies, according to applicable legal provisions
10
c2 transfers, according to applicable legal provisions
11
d) from asset production
12
e) revenues related to the cost of production underway
13
f) other opertional revenues (ln.15+ln.16+ln.19+ln.20+ln.21), of 14
15
f1) from fines and penalties
from sale of assets and other capital operations
16
f2)
(ln.18+ln.19), of which:
17
- property, plant and equipment
18
- intangible assets
19
f3) subsidies for investments
20
f4) capitalisation of CO2 certificates
21
f5) other revenues
Financial revenues (ln.23+ln.24+ln.25+ln.26+ln.27), of
2
22
a) financial assets
23
b) financial investments
24
c) exchange rate differences
25
d) interest rates
26
e) other financial revenues
27
Extraordinary revenues
3
28
TOTAL EXPENSES (ln.30+ln.136+ln.144)
29
1 Operational expenses (ln.31+ln.79+ln.86+ln.120), of which:
30
A. Expenses with goods and services (ln.31a+ln.32+ln.40+ln.46), 31
31a
A0 Expenses on the electricity market
A1 Expenses regarding stocks (ln.33+ln.34+ln.37+ln.38+ln.39),
32
a) expenses of raw materials
33
b) expenses with consumable materials, of which:
34
3a
Prevederi an precedent
Approved in 2015
Estimated
as per
achieved in
as per GD
Directorate
2015
266/2015
approval
4
5
I quarter
6a
II quarter,
III quarter,
cumulate
cumulated
d
7=6d/5 8=5/3a
2016
7
8
2.870.175
2.826.885
2.779.865
3.032.665
2.984.492
2.942.146
802.202 1.405.397
788.702 1.386.482
777.252 1.364.002
2.096.545 2.843.100
2.065.318 2.806.500
2.031.368 2.761.125
0,94
0,94
0,94
1,05
1,06
1,06
2.763.345
1
3.207
2.774.065
20
5.780
2.774.065
20
5.780
2.938.957
1
3.188
776.551 1.362.600
1
2
700
1.400
2.029.265 2.758.221
3
4
2.100
2.900
0,94
4,00
0,91
1,06
1,00
0,99
50.905
31
47.020
20
47.020
20
42.346
476
11.450
22.480
0
33.950
0
45.375
0
1,07
0,00
0,83
15,35
31.665
32.000
32.000
30.533
8.000
16.000
24.000
32.000
1,05
0,96
19.209
57.148
13.223
15.000
43.290
5.500
15.000
43.290
5.500
11.337
48.173
7.075
3.450
13.500
6.480
18.915
1.000
9.950
31.227
1.000
13.375
36.600
1.000
1,18
0,76
0,14
0,59
0,84
0,54
27.502
16.122
301
24.300
13.250
240
24.300
13.250
240
30.356
10.016
726
12.100
1.250
150
15.115
2.500
300
26.027
3.750
450
30.000
5.000
600
0,99
0,50
0,83
1,10
0,62
2,41
2.442.800
2.377.109
1.772.819
1.595.166
10.563
2.699.430
2.636.302
2.046.969
1.757.435
24.910
2.699.430
2.636.302
2.046.969
1.757.435
24.910
2.597.586
2.528.291
1.973.177
1.799.229
10.674
717.118 1.291.841
706.021 1.264.840
567.539
989.073
513.150
860.900
6.969
12.375
1.928.423
1.891.248
1.477.774
1.275.150
17.928
2.622.085
2.567.752
2.003.634
1.736.640
21.915
1,01
1,02
1,02
0,97
2,05
1,06
1,06
1,11
1,13
1,01
6.379
18.112
18.112
6.423
12.935
15.117
2,35
1,01
9.049
6c
%
2.870.175
2.826.885
2.779.865
5.305
6b
%
2.874.606
2.817.458
2.766.553
Page 1 of 7
4a
Propuneri an curent - 2016 of which:
6d
INDICATORS
0
1
2
c)
d)
e)
A2
a)
b)
c)
A3
a)
b)
c)
d)
g)
h)
i)
3
6d
7
8
302
1.193
659
1.005
730
2.140
1.363
1.963
1.097
3.139
2.064
2.929
1.451
4.215
2.842
3.956
1,90
1,24
1,84
1,46
3,56
0,93
1,08
0,98
133.527
124.471
8.350
203.574
192.952
9.460
203.574
192.952
9.303
126.613
118.685
6.989
35.207
32.776
1.921
87.244
82.771
3.841
140.329
133.629
5.761
184.576
175.780
7.685
1,46
1,48
1,10
0,95
0,95
0,84
8.350
706
33.563
9.460
1.162
61.050
149
106
261
261
6.989
939
36.661
18
73
52
261
261
1.921
510
12.213
11
9.303
1.319
61.050
19
149
106
561
561
90
90
3.841
632
28.554
0
72
50
210
210
5.761
939
44.367
0
83
50
330
330
7.685
1.111
60.503
0
143
100
500
500
1,10
1,18
1,65
0,00
1,96
1,92
1,92
1,92
0,84
1,33
1,09
6,64
1,03
1,03
0
0
0
0
0
0
0
0,00
0,00
267
493
493
140
104
403
702
1.000
7,14
0,52
58
118
197
197
122
49
166
283
400
3,28
1,03
59
50
197
197
9
49
166
283
400
-
0,18
60
61
62
63
64
65
66
67
68
69
70
45
99
1.148
5.290
1.542
1.391
151
2.289
1.568
12.636
11.952
99
1.795
7.413
1.670
1.470
200
3.612
1.597
14.737
13.732
99
1.795
7.413
2.430
2.230
200
3.624
1.630
15.003
13.973
9
1.177
6.867
2.390
2.198
192
1.898
1.626
12.951
12.252
6
356
1.299
549
509
40
524
450
4.463
4.261
0
71
714
3.289
1.313
1.213
100
1.047
900
9.035
8.532
0
135
1.074
5.512
2.162
2.022
140
1.569
1.350
13.650
12.746
0
200
1.430
7.300
2.827
2.627
200
2.091
1.800
17.984
16.978
22,22
1,21
1,06
1,18
1,20
1,04
1,10
1,11
1,39
1,39
0,00
0,09
1,03
1,30
1,55
1,58
1,27
0,83
1,04
1,02
1,03
71
4
5
5
4
2
3
4
6
1,50
1,00
d1) sponsorhip expenses in the medical and health domains
i2) expenses for maintenance and operation of IT equipment
5
6a
6b
11
6c
7=6d/5 8=5/3a
2016
762
3.404
1.548
2.703
253
253
4a
II quarter,
III quarter,
cumulate
cumulated
d
%
1.466
3.966
2.924
3.874
56
57
4
I quarter
%
1.086
3.580
2.924
3.874
35
36
37
38
39
40
41
42
43
44
45
46
47
48
49
50
51
spnsorship expenses in education, tuition, social and sport,
of which:
d3)
- for sport clubs
d4) sponsorship expenses for other activities
expenses for transportation of goods and persons
travel, detach in other office, transfer, of which:
- per diem expenses (ln.65+ln.66), of which:
- internal
- external
postal expenses and telecom fees
bank expenses and similar
other expenses for services executed by third parties, of
i1) insurance and guard expenses
3a
Propuneri an curent - 2016 of which:
214
3.676
1.434
2.750
b1) expenses of spare parts
b2) fuel expenses
expenses for materials like inventory objects
electricity and water expenses
merchandise expenses
Expenses with services executed by third parties
maintenance and repair expenses
rent expenses (ln.43+ln.44), of which:
b1) - to operators with full/majority state capital
b2) - to operators with private capital
insurance premiums
Expenses for other services provided by third parties
expenses of co-workers
expenses for fees and emoluments, of which:
b1) juridical consultancy expenses
protocol, advertisment & publicity expenses (ln.51+ln.53),
c1) protocol expenses, of which:
- gift tickets according to Law 193/2006, as later
amended
c2) advertisment and publiciy expenses, of which:
- gift tickets for advertisment and publicity expenses as
per Law 193/2006, with later amendments
- gift tickets for marketing campaigns, market study,
promotion on existent or new markets according to Law
193/2006, with later amendments
- product promotional expenses
Sponsorship expenses as per GEO 2/2015
d2)
e)
f)
line Achieved in
no.
2014
Prevederi an precedent
Approved in 2015
Estimated
as per
achieved in
as per GD
Directorate
2015
266/2015
approval
52
53
54
55
Page 2 of 7
INDICATORS
0
1
2
i3) professional training expenses
revaluation expenses for property, plant & equipment and
i4)
intangible assets, of which:
-for assets from the public domain
i5) expenses for provisions of work from the subsidiaries
recruitment and distribution expenses for managerial
i6) personnel as per Governmental Emergency Ordinance
109/2011
i7) bid announcement expenses and other notifications
j) other expenses
B Expenses with taxes, charges and similar payments
a) expenses with the fee for mineral resources utilisation
b) royalty expenses for concession of public assets and mineral
c) licence fee expenses
d) licencing tax expenses
e) environmental fee expenses
f) expenses of other taxes and charges, of which:
tax on natural monopoly
building tax
C. Personnel expenses (ln.87+ln.100+ln.104+ln.113), of which:
C0 Salary type expenses (ln.88+ ln.92)
C1 Wage expenses (ln.89+ln.90+ln.91), of which:
a) basic salaries
b) indexations, prizes and other basic salary benefits (as per
c) other benefits (according to the CCM)
C2 Bonuses (ln.93+ln.96+ln.97+ln.98+ ln.99), of which:
a) social expenses provided in art.25 of Law 227/2015 on Fiscal
- creche tickets according to Law 193/2006, with later
amendments;
- gift tickets for social expenses according to Law
193/2006, with later amendments;
b) meal tickets;
c) holiday tickets;
d) expenses for employees participation to last year profit
e) other expenses according to the CCM
C3 Other personnel expenses (ln.101+ln.102+ln.103), of which:
a) expenses of compensatory payments for personnel lay-offs
b) expenses for salary rights owed under judgment orders
c) salary type expenses related to restructuring, privatisation,
C4 Expenses of the mandate contract and other governance &
a) for directorate, of which:
- fixed component
- variable component
b) for the supervisory board, of which:
line Achieved in
no.
2014
3
72
3a
Prevederi an precedent
Approved in 2015
Estimated
as per
achieved in
as per GD
Directorate
2015
266/2015
approval
4
4a
5
Propuneri an curent - 2016 of which:
I quarter
6a
II quarter,
III quarter,
cumulate
cumulated
d
6b
6c
%
%
7=6d/5 8=5/3a
2016
6d
7
8
680
1.000
1.025
695
200
500
900
1.000
1,44
1,02
10.101
33.359
30.993
31.049
30.363
31.049
11.650
26.922
4.916
4.878
12.884
10.581
20.097
16.212
28.255
21.283
2,43
0,79
1,15
0,81
1.226
1.949
1.107
2.600
1.182
2.600
1.177
2.213
299
0
561
1.350
830
2.025
1.114
2.700
0,95
1,22
0,96
1,14
30.184
8.335
15.425
169.923
132.883
121.096
60.483
60.613
143
27.199
8.740
11.600
185.317
139.805
123.760
65.398
58.362
143
27.124
8.740
11.600
185.317
139.805
123.760
73.398
50.362
2
23.530
8.490
9.135
173.073
139.562
123.756
79.239
44.517
33
4.546
0
2.400
43.928
34.259
30.939
19.809
11.130
67
8.603
0
4.800
97.288
76.938
61.878
39.618
22.260
80
13.277
0
7.200
143.227
113.017
92.819
59.428
33.391
106
17.363
0
9.600
191.487
149.094
123.760
79.239
44.521
53,00
0,74
0,00
1,05
1,11
1,07
1,00
1,00
1,00
0,78
1,02
0,59
1,02
1,05
1,02
1,31
0,73
11.787
2.402
16.045
2.475
16.045
2.475
15.806
2.475
3.320
1.516
15.060
3.032
20.198
4.548
25.334
6.064
1,60
2,45
1,34
1,03
3.975
4.133
4.133
4.021
1.033
2.399
3.011
69
6.353
3.084
500
6.353
3.084
500
6.352
2.958
-3
771
0
2.066
1.816
6.603
1.542
0
3.099
3.634
6.603
2.313
0
4.133
5.450
6.603
3.084
0
1,03
1,04
1,04
0,00
1,01
2,65
0,98
-0,04
69
500
500
-3
0
0
0
0,00
-0,04
1.689
1.309
1.309
6.729
3.479
1.416
2.063
3.210
6.729
3.479
1.416
2.063
3.210
1.590
1.249
1.226
23
341
1.036
708
708
0
328
1.555
1.062
1.062
0
493
4.506
2.761
1.416
1.345
1.745
2,83
2,21
1,15
58,48
5,12
0,94
0,95
0,94
0,90
73
74
75
76
77
78
79
80
81
82
83
84
85
85a
85b
86
87
88
89
90
91
92
93
94
95
96
97
98
99
100
101
102
103
104
105
106
107
108
380
Page 3 of 7
518
354
354
164
INDICATORS
0
1
2
- fixed component
- variable component
c) for AGA and censors
d) for other commissions & committees set as per the law
C5 Insurance and social protection expenses, special funds
line Achieved in
no.
2014
3
109
110
111
112
113
3a
Prevederi an precedent
Approved in 2015
Estimated
as per
achieved in
as per GD
Directorate
2015
266/2015
approval
4
4a
5
Propuneri an curent - 2016 of which:
I quarter
6a
II quarter,
III quarter,
cumulate
cumulated
d
6b
6c
%
%
7=6d/5 8=5/3a
2016
6d
7
8
380
329
2.881
40
329
2.881
40
313
28
0
164
328
0
0
493
0
0
658
1.087
0
2,10
38,82
-
0,82
-
35.282
38.283
38.283
31.924
9.151
19.314
28.655
37.887
1,19
0,90
Page 4 of 7
INDICATORS
0
III
IV
1
2
line Achieved in
no.
2014
3
a) contribution expenses to social insurance
114
b) contribution expenses to unemployment fund
115
c) contribution expenses to social health insurance
116
d) contribution expenses to special salary funds
117
e) contribution expenses of the entity to pension schemes
118
f) other contributions and special funds expenses
119
D. Other operational expenses
120
a) expenses of indexations and penalties (ln.122+ln.123), of
121
- to the general consolidated budget
122
- to other creditors
123
b) expenses for non-current assets
124
c) expenses of transfers for personnel payment
125
d) other expenses
126
e) amortisement expenses of property, plant & equipment and
127
adjustments and impairments for losses and provisions for
128
f)
risks and expenses (ln.129-ln.131), of which:
f1) adjustment and impairment expenses
129
f1.1)- provisions for employees participation to profit
130
f1.2)- provisions for the mandate contract
130a
revenues from provisions and impairment or loss
f2)
131
adjustments, of which
f2.1
132
provisions cancellation (ln.133+ln.134+ln.135), of which:
)
133
- from employees participation to profit
- from depreciation of property, plant & equipment and
134
current assets
135
- revenues from other provisions
Financial expenses (ln.137+ln.140+ln.143), of which:
2
136
a) interest rate expenses (ln.138+ln.139), of which:
137
138
a1) for investment credits
139
a2) credits for current activities
b) expenses of exchange rate differences (ln.141+ln.142), of
140
141
b1) for investment credits
142
b2) credits for current activities
c) other financial expenses
143
Extraordinary expenses
3
144
GROSS RESULT (profit) (ln.1-ln.29)
145
146
non-taxable revenues
147
fiscally non-deductible expenses
INCOME TAX
148
3a
Prevederi an precedent
Approved in 2015
Estimated
as per
achieved in
as per GD
Directorate
2015
266/2015
approval
4
25.337
952
7.805
304
4a
5
Propuneri an curent - 2016 of which:
I quarter
6a
II quarter,
III quarter,
cumulate
cumulated
d
6b
6c
%
%
7=6d/5 8=5/3a
2016
6d
7
8
883
401.008
54
22.559
1.058
8.537
419
3.800
1.910
372.967
0
22.559
1.058
8.537
419
3.800
1.910
372.967
0
21.670
992
8.211
378
280
393
355.119
221
5.303
248
2.054
164
950
432
89.675
0
11.648
546
4.460
328
1.900
432
167.898
0
16.965
795
6.519
491
2.850
1.035
254.035
0
22.663
1.062
8.672
655
3.800
1.035
351.348
0
1,05
1,07
1,06
1,73
13,57
2,63
0,99
0,00
0,86
1,04
1,05
1,24
0,45
0,89
4,09
54
509
2.062
2.062
221
1.119
1.040
0
1.365
0
1.635
0
2.890
0,00
2,58
4,09
2,20
12.786
333.805
10.008
360.679
10.008
360.679
6.862
318.482
3.751
86.482
4.760
173.077
5.801
259.502
6.861
345.924
1,00
1,09
0,54
0,95
53.854
218
218
28.435
-1.598
-11.304
-12.903
-4.327
-0,15
0,53
73.376
6.353
12.236
13.669
6.542
4.944
13.669
6.542
4.944
61.698
8.109
11.772
0
0
0
0
0
0
13.162
8.179
4.983
0,21
1,01
0,42
0,84
1,28
0,96
19.522
13.451
13.451
33.263
1.598
11.304
12.903
17.489
0,53
1,70
19.522
13.451
13.451
33.263
1.598
11.304
12.903
17.489
0,53
1,70
2.399
6.353
6.353
11.577
8.108
8.108
8.108
1,28
2,65
25.951
6.352
1.598
3.196
4.795
6.394
0,25
2,24
11.097
6.297
6.297
0
4.800
4.800
0
27.001
12.451
12.451
0
14.550
14.550
0
37.175
18.500
18.500
0
18.675
18.675
2.987
54.333
24.333
24.333
0
30.000
30.000
3,11
0,81
0,85
0,85
0,78
0,78
0,17
1,02
0,77
0,79
0,00
1,33
1,33
85.084
0
113.556
0
168.122
0
221.015
20.489
43.662
35.473
0,51
0,49
0,53
0,52
50,69
1,01
1,01
0,76
0,93
5.546
65.644
36.834
36.043
791
28.810
28.810
7.098
63.128
35.128
31.628
3.500
28.000
28.000
7.098
63.128
35.128
31.628
3.500
28.000
28.000
960
66.912
28.484
28.484
0
38.428
38.428
47
431.806
41.175
109.042
74.190
170.745
35.000
50.000
32.032
170.745
35.000
50.000
32.032
2.382
435.079
41.589
82.771
68.671
Page 5 of 7
line Achieved in
no.
2014
INDICATORS
1
0
2
V
1
2
3
4
5
a)
b)
6
7
8
9
a)
b)
c1)
3
FUNDAMENTAL DATA
Salary type expenses (ln.87)
Wage expenses (ln.88), of which:
Number of employees forecasted at the end of the year
Average number of employees
Monthly average gain per employee determined based on
Monthly average gain per employee (Lei/person)
determined using salary type expenses [(ln.150 – ln.93* ln.98)/ln.153]/12*1000
Labour productivity in value units per total medium
Labour productivity in physical units per total medium
Calculation items of labour productivitiy in physical units,
- quantity of finished products (QPF)
- average price (p)
- value = QPF x p
3a
Prevederi an precedent
Approved in 2015
Estimated
as per
achieved in
as per GD
Directorate
2015
266/2015
approval
4
4a
5
Propuneri an curent - 2016 of which:
I quarter
II quarter,
III quarter,
cumulate
cumulated
d
6a
6b
132.883
121.096
2.180
2.180
4.629
139.805
123.760
2.180
2.180
4.731
139.805
123.760
2.180
2.180
4.731
139.562
123.756
2.180
2.180
4.731
155
4.896
5.007
5.007
4.998
x
x
156
157
158
159
160
161
1.292
1.297
1.297
1.369
x
x
x
x
x
x
x
x
x
x
x
x
225
246.973
124
184.787
124
184.787
124
184.787
124
0
115
0
0
0
0
0
0
0
- share in total operational revenues = ln.161/ln.2
162
Outstanding payments
Outstanding liabilities, of which:
- from operators with full/majority state capital
- from operators with private capital
- from the state budget
- from the local budget
- from other entities
Credits to finance current activities (balance to reimburse)
163
164
165
166
167
168
169
170
34.259
30.939
2.180
2.180
x
76.938
61.878
2.180
2.180
x
x
x
*) within the limits provided in art.25 par.3 let.b of Law 227/2015 on the Fiscal Code, with later amendments and additions
DIRECTORATE,
Ion-Toni Teau
Directorate Chairman
Constantin Vaduva
Membru
6c
149
150
151
152
153
154
Octavian Lohan
Member
Maria Ionescu
Director, Economic Division
Page 6 of 7
Ion Smeeianu
Member
Catalin Chimirel
Member
%
%
7=6d/5 8=5/3a
2016
6d
7
8
149.094
123.760
2.180
2.180
4.731
1,07
1,00
1,00
1,00
1,00
1,05
1,02
1,00
1,00
1,02
x
5.215
1,04
1,02
x
x
x
x
x
x
1.287
0,94
1,06
110
0
105
157.069
0,85
0,85
0,55
0,75
0
0
113.017
92.819
2.180
2.180
x
x
INDICATORS
0
1
2
line Achieved in
no.
2014
3
3a
Prevederi an precedent
Approved in 2015
Estimated
as per
achieved in
as per GD
Directorate
2015
266/2015
approval
4
Veronica Crisu
Manager, Accounting Department
Page 7 of 7
4a
5
Propuneri an curent - 2016 of which:
I quarter
6a
II quarter,
III quarter,
cumulate
cumulated
d
6b
6c
%
%
7=6d/5 8=5/3a
2016
6d
7
8
CNTEE TRANSELECTRICA SA
Annex 3
Degree of total revenues achievement
mii lei
No
INDICATORS
0
I.
1
Provisions in N-2 year (2014)
Approved
Achieved
1
2
Total revenues (ln.1+ln.2+ln.3) *), of which:
Operational revenues*)
2.602.604
2.526.252
76.352
0
Provisions in previous year (N-1) (2015)
4=3/2
Approved
Estimated to achieve %
%
3
2.874.606
2.817.458
57.148
0
Financial revenues
2.
3.
Extraordinary revenues
*) total and operational revenues will be diminished with the amounts received from the state budget
4
5
1,10
1,12
0,75
0,00
2.870.175
2.826.885
43.290
0
6
3.032.665
2.984.492
48.173
0
7=6/5
7
1,06
1,06
1,11
0,00
DIRECTORATE,
Ion-Toni Teau
Directorate Chairman
Maria Ionescu
Director, Economic Division
Veronica Crisu
Constantin Vaduva
Member
Octavian Lohan
Member
Ion Smeeianu
Member
Catalin Chimirel
Member
Manager, Accounting Department
CNTEE Transelectrica SA
Annex 4
2016 investment plan and estimations for 2017, 2018,
spread by financing sources and investment categories *)
thousand lei (VAT free)
INDICATORS
0
1
I
1
2
3
4
5
II
2
Estimaated
date for
investment
completion
3
Value
2015
Estimated to
achieve
Approved
4
821.594
303.213
INVESTMENT EXPENSES (1+2+3+4+5+6+7+8), of which:
2017
6
5
FINANCING SOURCES FOR INVESTMENTS**), of which:
Estimation of available sources
Estimation of available sources from the connection tariff
One's own sources, of which:
- amortisement
- profit
- other law-provided distributions (allocation of internconnection
capacity)
- other law-provided distribution (tax exemption for re-invested
profit)
Allocations from the budget
Bank credits, of which:
- internal
- external
Other sources, of which:
- connection tariff
- European funds
- grant
- bonds
2016
2018
7
8
836.178
306.657
24.869
499.452
313.924
59.624
773.595
300.341
19.463
453.791
348.136
16.335
1.142.621
83.443
489.759
360.679
66.666
790.452
303.213
24.869
456.655
288.400
62.143
62.414
99.265
106.405
71.820
63.840
6.847
19.499
17.500
0
0
0
0
0
28.622
12.552
16.070
5.715
5.200
0
600.000
5.715
5.200
491.874
458.926
535.837
690.152
964.659
282.607
246.519
355.567
558.152
655.659
270.055
238.320
350.161
558.152
655.659
234.505
222.717
192.729
210.871
139.808
0
0
0
0
0
600.000
PROPER INVESTMENT EXPENSES, BY OBJECTIVES
(1+2+3+4+5), of which:
COMPANY OWN INVESTMENT EXPENSES (1+2+3+4), of
which:
1 Continued investments (A+B+C):
Continued investments (A.a+A.b ) for assets under private
A)
property of the economic operator, of which:
A.a Major investments continued
A.b Other continued investments in transmission branches & executive
Continued investments (B.a+B.b ) for assets from the state
B)
public domain, of which:
B.a Major investments continued, of which:
234.505
222.717
192.729
210.871
139.808
213.967
208.657
169.131
204.082
139.496
2016
11.455
9.964
4.095
2015
11.890
11.774
2017
38.359
38.300
35.300
2016
4.402
4.369
1.280
2015
2.368
2.359
1.6
Increasing the safety of installations from the 400/220/110/10 kV substation
Bucharest South - Replacing the 10 kV equipment
Refurbishing the 400/110/20 kV substation Tulcea Vest - technological
part
400 kV OHL interconnecting Resita (Romania) - Panchevo (Serbia)
Modernising the control protection system and the 20 kV station from the
220/110/20 kV substation Vetis
Modernising the control protection system from the 220/110 kV substation
Tihau
Refurbishing the 400/220/110/20 kV substation Bradu
2018
12.800
11.473
40.370
36.525
1.7
Refurbishing the 220;110/20 kV substation Campia Turzii
2017
19.880
19.832
7.300
10.128
1.8
Refurbishing the 220/110 kV substation Barbosi
2014
8.847
8.838
10
4.450
4.366
1.305
1.1
1.2
1.3
1.4
1.5
459.178
375.136
20.202
1.9
Extending the 400 kV substation Cernavoda
2015, 2019
Replacing the 110/10 kV, 25 MVA T3 & T4 with 110/(20)10 kV, 40 MVA
1.10
2016
transformers in Fundeni substation
Converting to 400 kV the Iron Gates - Resita - Timisoara - Sacalaz - Arad
axis, Stage I, of which:
the 400 kV simple circuit OHL Portile de Fier - (Anina) - Resita
2018
1.11
698
2.292
7.101
250
110
30.450
888
560
5.005
235
60.935
60.553
17.862
66.300
61.695
35.544
35.543
10.200
36.100
40.000
30.200
21.200
the 400/220/110 kV substation Resita
2018
22.709
22.683
7.100
Extending the 400 kV substatiion Iron Gates
Integrated security systems in substations and branch offices, DEN & DET1.12
s - I ntegrated security system in electric substations, stage IV
1.13 Modernising the 220/110 kV substation Tihau - primary equipment
2016
2.682
2.326
562
2016
4.722
4.291
12.590
2017
1.928
1.876
3.455
1.510
1.14 Modernising the 400/110/10 kV substation Cluj Est
Replacing AT and transformers in substations - stage 2, of which :
1.15
Lot I - autotransformers (AT)
Lot II - transformers (design inclusive)
Modernising the command-control-protection system in the 220/110 /20 kV
1.16
substation Sardanesti
1.17 Modernising the 110 kV and 20 kV substations Suceava
Connecting the 400 kV Isaccea - Varna OHL and the 400 kV Isaccea Dobrudja OHL in the 400 kV substation Medgidia Sud (stage I +II), of
which:
1.18
Stage I - Extending the 400 kV substation Medgidia
2017
2018
2019
4.021
3.676
3.624
52
3.957
3.646
3.624
23
6.031
12.173
9.836
2.337
4.864
12.225
9.837
2.387
11.001
9.837
1.164
2018
3.319
3.276
3.520
3.520
1.162
2017
6.941
6.834
8.577
9.505
12.706
12.684
14.370
42.930
2017
12.700
12.684
14.370
30.830
Stage II - 400 kV double circuit OHL joints to Medgidia Sud substation
2018
6
0
2013
214
214
2013
48
48
2016
6
3
5
14.061
23.598
Installing the 400/110 kV, 250 MVA transformer 1 in the 400/110 kV
substation Oradea Sud
1.20 Upgrading the electric supply to the offices of TB Bacau
Refurbishing the 400/110 kV substation Brasov - Work for protection
1.21 installations by relays and automations to the installations adjacent to the
400/110 kV substation Brasov
Implementing Electronic Archiving and Document Management system
1.22
within CNTEE Transelectrica SA
1.19
B.b
Other continued investments in Transmission Branches (TB) and
executive,
2017
12.100
29.000
29.000
6.513
1.000
20.538
495
6.789
313
1.23 Consolidation & upgrade of compensator building in Suceava subst
Technical expertise to concrete fencing of the 400/220/110 kV transformer
1.24
substation Gutinas
Replacing the accumulator battery in the 220/110/10 kV substation
1.25 Fundeni
(inclusiv proiectarea)
1.26 Replacing the accumulator battery in the 400/110/ substat Pelicanu
2016
128
53
1.109
249
1
2016
204
198
2015
199
191
1.27 Replacing the accumulat. battery in 220/110/20 kV subst. Targoviste
2015
425
413
1.28 Replacing the accumulat. battery in 220 kV subst Turnu Magurele
Repairing the defect of terminals 110-120 from the 220 kV OHL Bucharest
1.29
South - Ghizdaru, circuits 1+2
Making framework with attic and thermal rehabilitation of office building and
1.30
storerooms of CE Cluj
Replacing neutral point coil 1 + resistor & neutral point coil 2 + resistor with
1.31
their disconnectors in 400/110/20 kV subst Oradea Sud
Upgrading the 220/110/20 kV substation Vetis - primary equipment, roads,
1.32
rainwater collection and discharge (design inclusive)
Regulating the joint sections of 400 kV OHL Vulcanesti, 400 kV OHL
1.33
Rahman and 400 kV OHL Stupina in 400 kV substation Isaccea
Modernising the tele-protections of the 400 kV OHL Isaccea - Smardan,
1.34
circuit 1 and circuit 2
Special intervention towers type Guyed Universal Portal for 220-400 kV
1.35
voltage, including prefabricated foundations
1.36 Thermal upgrade of offices for TB Craiova
2016
194
190
2015
558
115
2016
20
14
2015
465
463
2018
5
2015
699
1.37 Remaking conductors of 220 kV OHL Craiova Nord - Isalnita circ. 1
Installing optical fibre and upgrading the tele-protection system to the 400
1.38 kV d.c. OHL Tantareni - Turceni and the 400 kV s.c. OHL Urechesti Rovinari
304
100
75
676
50
10
2015
145
144
2015
1.596
1.596
2016
165
2016
85
7
1.100
2017
1.194
140
1.800
1.600
150
200
2.078
200
238
1.39 Replacing 220 V dc, 600 Ah accumulat. batteries in subst Urechesti
Consolidating the 400 kV OHL Iron Gates - Urechesti in the area of tower
1.40
129
Relocating the towers of the 400 kV OHL Urechesti - Domnesti and of the
1.41
400 kV OHL Tantareni - Bradu upon crossing Gilort River
1.42 Connecting CE Bradu to the drainage network of Bradu village
Achieving optical fibre communic between Pitesti Sud subst and the
1.43
Remote control and installations supervision centre from TB Pitesti
Building the technological access alley to the primary equipment in
220/110 kV substation Pitesti Sud and concreted platforms to locate waste
1.44
containers in substations Stuparei, Raureni, Gradiste, Draganesti Olt,
Pitesti Sud, Bradu & Arefu
1.45 Upgrading the interventions building in Arefu
2015
223
155
2015
185
145
2018
80
50
2015
4
4
2017
410
2015
91
90
2015
73
72
1.46 Upgrading the corporate block of flats in Ramnicu Valcea
2015
42
42
1.47 Modernising the control buildings in substations Draganesti and Gradiste
2015
195
54
2015
1.121
1.121
2016
53
20
1.50 Replacing the 125 kVA electric generating set in substation Raureni
2015
230
145
1.51 Water supply in Pitesti Sud substation
Connecting the process IT of substations Draganesti Olt, Gradiste,
1.52
Stuparei and Raureni to the optical fibre network
Achieving optical fibre communication between the 400/220/110/20 kV
1.53
substation Bradu and 220/110 kV substation Stuparei (design included)
Upgrading the hardware & software platforms of the SCADA system in
1.54
substation Stuparei (design included)
Upgrading the hardware & software platforms of the SCADA system in
1.55
substation Slatina (design included)
2015
44
44
2017
15
9
950
2016
30
12
2.800
2017
35
27
25
475
2017
35
17
2.000
200
1.56 Upgrading the building of Electric Power Plant Bradu
2016
210
17
170
2016
200
65
10
Installing fire protection installations to the 200 MVA autotransformers 1 &
1.48
2 in Gradiste substation
1.49 Upgrading the dc and ac auxiliary services in substation Draganesti Olt
1.57
Concreted platform for equipment waste storage in substation Draganesti
Olt
1.58 Concreted platform for equipment waste storage in substation Gradiste
1.59
1.60
1.61
1.62
1.63
1.64
1.65
1.66
1.67
1.68
1.69
1.70
1.71
1.72
Consolidating the 400 kV OHL Bradu-Brasov in the area of tower 132, in
the basin of Argesel River
Installing two 100 A ground leakage coils and two 3000 kVA auxiliary
service transformers in 400/220/110/20 kV substation Sibiu Sud
Replacing the tele (remote) protection equipment of the 220 kV OHL Alba
Iulia - Galceag and the 220 kV OHL Alba Iulia - Sugag
Replacing the 220 V dc accumulator battery no. 2 in the 220 kV substation
Iernut
Fencing the energised elements from the 220/110/20 kV substation
Gheorgheni (design included)
Modernising the office building, unit B, of CE Brasov
Connecting the drainage network of the 400/110 kV substation Brasov to
the town drainage network
Connecting the canal of the control building in substation Alba Iulia to the
drainage installation of Alba Iulia City (design included)
Arranging the office spaces within TB Sibiu (design included)
Storage space for power transformer system reserve units and bushings
found in the security stocks of CNTEE Transelectrica SA in the 400 kV
substation Sibiu Sud (design included)
Upgrading the building of the Operation Centre Mures
110 kV Codlea - CHPP and Bartolomeu - Harman connections in the
400/110 kV substation Brasov (design included)
Replacing the 220 V dc, 300 Ah accumulator battery in subst Alba Iulia
Replacing the 110 / 20 kV, 10 MVA transformer in substation Fantanele
(design included)
Replacing tower 159 of the 400 kV OHL Iernut - Sibiu Sud
1.850
2016
100
1
42
2016
325
16
500
2015
822
822
2015
537
536
2015
131
131
2017
11
9
2017
87
200
641
12
2016
9
2
86
2016
12
9
177
2017
46
15
550
2016
300
239
2016
45
37
2015
90
88
649
1
2016
20
17
1.030
2015
28
19
1.74 Replacing tower 301 of the 400 kV OHL Mintia - Sibiu Sud
Arranging archive storage space in the 220/110 kV transformer substation
1.75
Timisoara
1.76 Upgrading the industrial building no. 2 from TB Timisoara, type Sp+G+1fl
2016
240
240
2015
259
251
2016
1.231
1.042
100
1.77 Modernising the office building of CE Resita
Extending the ac & dc auxiliary services, completting the command control
1.78
and protection system in the 220/110 kV substation Pestis
1.79 Replacing the 220 V dc accumulator batteries in 220/110 kV subst Pestis
2016
157
96
160
2016
565
565
100
2015
270
269
1.73
75
100
15
2016
50
300
815
200
1.80 Replacing the 220 V dc accumulator battery in 400 kV substation Arad
Supplying the ac auxiliary services from the tertiary of the 200 MVA AT,
1.81
220/110 kV substation Pestis
1.82 Integrated security systems, stage II - substation Brașov
2016
1.83 Integrated security systems, stage II - substation Tulcea Vest
Upgrading the command - control - protection system in the 220 / 110 kV
1.84
substation Targu Jiu Nord
Upgrading the control - protection system and integrating the 220 / 110 /
1.85
20 kV substation Pitesti Sud in the CTSI
Upgrading the dc and ac auxiliary service boards in the 220/110/20 kV
1.86
substation Gradiste
Upgrading the dc and ac auxiliary service boards in the 220/110/20 kV
1.87
substation Pitesti Sud
1.88 110 kV OHL Falciu (RO) - Gotesti (MD)
Upgrading one 110 kV OHL Iron Gates - Gura Vaii bay in the 110 kV
1.89
substation Iron Gates and two 6 kV bays
1.90 Extending the MIS - advanced reporting and budgetary planning solution
Extending the MIS by new functions (integration with DM, multicash
1.91
extension, advanced collections )
1.92
Extending the MIS system of Transelectrica with an inventory solution for
fixed assets and inventory items using bar codes (design included)
1.93
Upgrade in order to reduce the galloping along the 400 kV OHL in the
Baragan Fetesti area; diminishing the galloping effects to the 400 kV OHL
Cernavoda-Pelicanu, 400 kV OHL Cernavoda-Gura Ialomitei (circuit 2) and
the 400 kV OHL Bucharest S-Pelicanu, managed by TB Bucharest
168
121
2015
1.830
1.830
2013
438
438
2013
100
99
2013
135
134
2013
92
92
2012
84
84
2013
62
62
2016
82
2
2017
845
854
2017
692
692
-
940
2016
800
734
3.679
0
0
0
0
0
2.561
1.073
8.199
32.349
48.834
0
0
0
0
0
2017
Continued investments (C.a+C.b) for assets from the state
private domain, of which:
C.a Major investments continued
C.b Other continued investments in TB-s and executive
C)
2
E.a
New investments (D+E+F):
New investments (D.a+D.b ) for assets in the private property of
the economic operator, of which:
New major investments
Other new investments in TB-s and the executive, of which:
New investments (E.a+E.b ) for assets from the state public
domain, of which:
New major investments, of which :
2.1
The 220 kV double circuit OHL Ostrovu Mare - RET
2.2
The 220 kV substation Ostrovu Mare
2.3
The 400 kV OHL Gadalin - Suceava
The 400 kV OHL Suceava - Balti for the design segment on Romania's
D)
D.a
D.b
E)
253
15
900
100
63
2.561
1.073
7.989
32.199
48.824
2.271
1.073
7.889
30.304
48.824
2019
75
11
125
1.002
5.002
2019
10
1
4
500
3.000
2023
10
5
3.012
1.007
1.007
2023
965
940
1.110
1.005
105
2020
70
180
100
3.000
2.6
2020
45
1.500
20.020
35.060
2.7
2022
1
1.000
1.400
1.050
2021
105
756
320
100
113
2.700
90
2.250
2.4
2.5
territory
The 400 kV substation Stalpu (design included)
The 400 kV dc OHL Gutinas - Smardan
The 400 kV dc OHL (1 bay) Constanta Nord - Medgidia Sud
(design included)
Converting to 400 kV the Iron Gates-Resita-Timisoara-Sacalaz-Arad axis,
2.8 stage II (including design of the 400 kV dc OHL Resita-Timisoara-Sacalaz
in the 400 kV substation Timisoara)
Pilot monitoring system for the physical integrity of overhead lines (design
2.9
included)
Integrated platform for operational management of the SEN
2.10
(design included)
IT system fighting against cyber terrorism
2.11
(design included)
12
105
2017
2020
850
2017
140
500
E.b Other new investments in the TB-s and executive, of which :
290
100
1.895
Pilot project: Taking measures to protect the birds specified in the
environmental notice to TB Bucharest (design included)
2017
140
40
395
2017
150
60
1.500
2.12
Smart Grid pilot project - Achieving a micro-grid solution for use and
2.13 storage of renewable energy in order to provide supply solutions for
auxiliary services (design included)
New investments (F.a+F.b) for assets from the state private
domain, of which:
F.a New major investments
F.b Other new investments in TB-s and executive, of which:
F)
2.14 New offices for Transelectrica + DEN (design included)
0
0
0
210
150
10
0
0
210
150
10
200
10
10
10
140
2020
Interconnecting the public fibre telecom network (owned by CNTEE
Transelectrica SA and used by DEN- National Power Dispatcher) with the
2.15
telecom networks used for operation by neighbouring power dispatchers
(Bulgaria, Serbia, Hungary, Ukraine and Moldova) (design)
3
Investments made to existing assets (upgrades) (G+H+I):
H.a
Upgrades (G.a+G.b ) for assets in the private property of the
economic operator, of which:
New major upgrades
Other new upgrades in the TB-s and executive
Upgrades (H.a+H.b ) to the assets in the state public domain, of
which:
New major upgrades, of which :
3.1
Upgrading the 110 kV and medium voltage bays in substation Stalpu
3.2
Refurbishing the 400/110/20 kV substation Domnesti
3.3
3.4
G)
G.a
G.b
H)
3.5
3.6
0
8.435
1.715
120.019
282.325
433.373
0
0
0
0
0
8.435
1.715
120.019
282.325
433.373
4.932
975
97.893
243.640
410.486
2020
70
64
100
1.500
2019
20
30.000
30.000
35.000
Refurbishing the 220/110 kV substation Turnu Severin Est
2018
55
44
1.005
25.010
37.810
The 400 kV dc OHL Cernavoda - Stalpu and connection in Gura Ialomitei
Extending the 400 kV substation Gura Ialomitei with two bays for the 400
kV OHL Cernavoda 3 and the 400 kV OHL Stalpu
Converting the 220 kV OHL Brazi Vest - Teleajen - Stalpu to 400 kV,
including purchase of 400 MVA 400/220/20 kV AT and extension of the
related 400 kV and 220 kV stations in the 400/220/110 kV substation Brazi
Vest (design included)
2020
20
9
824
10.000
50.000
2019
10
2019
534
12.008
426
371
5.000
10.000
Upgrading the 220 kV, 110 kV command-control-protection-metering
system in the 220/110/20 kV subst and refurbishing the MV and the dc &
ac auxiliary services in the 220/110/20 kV substation Ghizdaru
Upgrading the 110 and 400 (220) kV installations from substation Focsani
3.8
Vest (design included)
Upgrading the 400 (220)/110/20 kV substation Munteni
3.9
(design included)
3.10 Refurbishing the 220/110 kV substation Filesti (design included)
3.7
2018
88
538
4.000
5.000
2019
70
35
78
7.050
15.000
2019
119
2019
88
18
69
100
3.000
88
6.070
3.11 Refurbishing the 400/110/20 kV substation Smardan (design included)
2022
94
2.020
840
10.020
20.955
3.12 Refurbishing the 220/110 kV substation Craiova Nord (design included)
2019
125
3.13 Refurbishing the 220/110 kV substation Hasdat (design included)
2019
39
75
5.005
15.005
177
15.000
3.14 Refurbishing the 220 kV substation Otelarie Hunedoara (design included)
2018
22
74
2.000
10.000
8.000
3.15 Refurbishing the 110 kV substation Timisoara
2019
12.000
15.000
3.16 Refurbishing the 220/110/MV substation kV Baru Mare (design included)
2019
5.000
10.000
3.17 Refurbishing the 220/110 kV substation Iaz (design included)
Refurbishing the 400/110 kV transformer substation Pelicanu (design
3.18
including)
3.19 Refurbishing the 400 kV substation Isaccea (design included)
Refurbishing the 220/110/20 kV substation Ungheni
3.20
(design included)
Installing the 250 MVA transformer T3 in the 400/110 kV subst Sibiu Sud
3.21
(design included)
Increasing the transmission capacity of the 220 kV OHL Stejaru3.22
Gheorgheni-Fantanele (design included)
Installing the 400 MVA, 400/231/22 kV autotransformer 2 and related bays
3.23 in Iernut substation and upgrading the command control system of the
400/220/110/6 kV substation Iernut
3.24 Refurbishing the 110 kV substation Medgidia Sud (design included)
2020
2019
91
3.25 Upgrading the 220/110/20 substation kV Arefu
2019
50
3.26 Upgrading the 220/110 kV substation Raureni
2018
50
3.27 Upgrading the 220/110 kV substation Dumbrava
Upgrading the 110 kV substations Bacau Sud & Roman Nord of the 400
3.28
kV axis Moldova (design included)
3.29 Installing optical fibre to the 220 kV OHL Fundeni - Brazi Vest - lot 1
Connecting substations Turnu Magurele, Mostistea, Stalpu, Teleajen to the
3.30
optical fibre network of CNTEE Transelectrica SA - lot 2
Upgraading the CTSI Craiova using the communication protocol IEC
3.31
60870-5-104
3.32 Operational offices for DET Craiova (design included)
2019
10
2019
185
70
15
13
121
114
7.000
2021
290
330
2020
35
17
510
11.010
13.010
2019
105
2
4.798
10.317
20.335
2018
42
38
4.022
10.010
2.010
2019
17
12
54
2.400
3.200
5.135
15.100
42
20
13.010
13.510
2.010
5.010
8.760
5.010
21.260
0
4.570
3.098
4.092
79
369
8.250
19.214
2019
66
2016
54
2.180
2016
367
4.556
10
50
700
750
100
2.000
2.000
100
11.900
6.500
1
110
4.005
125
725
3.900
2018
135
125
2.500
2.500
2018
130
130
10.000
10.000
3.39 Upgrading the message system of Transelectrica (design included)
2018
445
4.000
1.500
1.455
Consolidating the servers and data storage network (private cloud )
3.40
(design included)
2018
130
130
2.250
2.250
3.41 IT system of asset management and associated services (EAM) (design)
2017
130
130
1.870
2017
20
620
1.800
2017
100
100
3.500
2017
100
100
2.500
2018
60
2019
314
3.33 Replacing components in the EMS SCADA AREVA system
Research & development centre for live work technologies (LWT) and fast
3.34
intervention in the SEN - stage I
Constituting the on-line monitoring system for transformers and
3.35
autotransformers in substations Ghizdaru and Draganesti Olt
2017
2018
-
480
3.36 Upgrading the electricity supply to UNO-DEN offices (design included)
2017
3.37 IT & TC technological spaces in the Company (design included)
3.38 Upgrading the electronic communication network (design included)
3.42
Upgrading the Videowall display system installed in the control rooms of
dispatcher centres DEC/ DET (design included)
Upgrading the IT system of the Balancing Market Platform – II DAMAS
(design included)
Implementing the data transmission requirements to ACER according to
Regulation (EU) 1227/2011 of the European Parliament and Council
3.44
regarding the integrity and transparency of the wholesale electricity market
(REMIT) (design included)
Platform for tele-metering data management on the wholesale electricity
3.45
market (design included)
3.43
3.47
3.48
3.49
3.50
3.51
Water supply installation in the 400/110 kV transformer substation Roman
Nord
Water supply installations in the 400/220/110 kV transformer substation
Gutinas (design included)
Microwave light marking of towers with photovoltaic panels in Roman Nord
and Hociungi towns
Arranging technological space of SCADA servers in Gutinas 400/220 kV
Replacing the central equipment of the SCADA system in Gutinas 400/220
kV (design included)
Upgrading the drainage system of TB Bacau (design included)
3.52 Upgrading the control building of Roman Nord substation (design)
3.53
3.54
3.55
3.56
3.57
3.58
3.59
Concrete fencing the 400/220/110 kV transformer substation Gutinas
(design)
Replacing the accumulator batteries 2 & 3 in the 400/110/20 kV substation
Gura Ialomitei
Equipment storage platform in Brazi Vest substation (design)
Automatic control and protection installation for the 20 kV ground leakage
coil in the 220/110/20 kV substation Mostistea (design)
Communication system between the numerical equipment from the
220/110 kV substations Teleajen, Ghizdaru, Mostistea, namely the 400/110
kV substation Pelicanu and the offices of TB Bucharest (design)
Upgrading the 110 kV metering bays: sections A & B, 110 kV CL and the
220 kV metering bays sections A & B, 220 kV CL in substation Fundeni
(design)
Replacing the 6/0.4 kV auxiliary service transformer and the related bays in
the 220/110 kV substation Baia Mare 3
45
2018
H.b Other new upgrades in TB-s and executive, of which :
3.46
36
1.600
7.000
14.122
22.125
38.685
22.887
3.502
741
2015
99
98
2015
218
167
2015
42
38
2015
40
40
2016
1.156
18
1.706
2016
25
14
267
2016
37
26
842
35
2016
667
667
1
20
10
30
2016
3.860
110
3.60 Security system in the offices of CE Cluj (design included)
3.61
3.62
3.63
3.64
3.65
3.66
3.67
Installing fire limitation installation with nitrogen for the 400 kVA reactor in
Oradea Sud (design included)
Hydrocarbons (oil) separators for the concreted platforms of the 1 250
MVA 400/110 kV transformer, the 250 MVA 400/110 kV transformer 2 in
the 400/110 kV substation Constanta Nord
Hydrocarbons (oil) separators for the concreted platform the 400/110 kV
substation Smardan
Hydrocarbons (oil) separators for the concreted platforms in Medgidia Sud
substation
Hydrocarbons (oil) separators for the concreted platforms in Isaccea
substation
Hydrocarbons (oil) separators for the concreted platform in Tulcea Vest
substation
Hydrocarbons (oil) separators for the concreted platform in Lacu Sarat
substation
3.68 Thermal rehabilitation of the intervention building from Constanta Nord
Used water discharge installation in Isaccea substation
3.69
(design included)
Thermal rehabilitation of the Intervention Centre building from Constanta
3.70
Nord (design included)
Hydrocarbons (oil) separators for the concreted platform in Cernavoda
3.71
substation (design included)
3.72 Refurbishing the 400/110/20 kV substation Tulcea Vest - construction part
3.73
3.74
3.75
3.76
3.77
Installing septical tank in the 400/110 kV substation Constanta Nord
(inclusiv proiectarea)
Installing septical tanks in the 400/110 kV substation Smardan
(design included)
Installing septical tanks in the 220/110 kV substation Barbosi
(design included)
Drilled well for domestic water supply in Tulcea Vest substation
(design included)
Upgrading the command control protection system in Constanta Nord
substation
3.78 Supervision, monitoring and theft protection drilled well Capaclia
3.79
3.80
3.81
3.82
3.83
3.84
3.85
3.86
3.87
3.88
3.89
3.90
3.91
3.92
3.93
3.94
3.95
3.96
3.97
Upgrading the tele-protection, telecommunication system in Cernavoda
substation (design included)
Upgrading the SCADA system in Constanta Nord substation
(inclusiv proiectarea)
Upgrading the command control protection system in Constanta Nord
substation (design)
Refurbishing the 400/110/20 kV substation Tulcea Vest - construction part
(design)
Upgrading the SCCP in the 220/11kV substation Calafat (design)
Building the access road from E 70 to the storage platform of the
220/110kV substation Isalnita (design)
Building the tele-protection system to the 220 kV OHL Tg-Jiu NordUrechesti and to the 400 kV OHL Urechesti - Tantareni (design)
Perimetral lighting, VIDEO SUPERVISION, compartment building and overelevating the fence for Floresti Platform (design)
Fencing the concreted platform for equipment waste storage in the
220/110 kV substation Raureni
Upgrading the control building in the 220/110 kV substation Pitesti Sud
Upgrading the control-protection systems and their integration in the
territorial supervision and intervention centre for substations Draganesti Olt
and Gradiste (design)
Connecting the process IT systems of substations Draganesti Olt, Gradiste,
Stuparei and Raureni optical fibre network (design)
Upgrading the control building in the 220/110 kV substation Pitesti Sud
(design)
Connecting the drainage installation in the 220/110 kV substation Raureni
to the town network (design)
Installing voltage transformers and the grounding plate driving device in
Pitesti Sud substation (design)
Replacing the 220 V dc accumulator battery in the 220/110 kV substation
Raureni (design)
Replacing the 220 V dc accumulator battery no. 2 in the 220/110 kV
substation Stuparei (design)
Making the building cover for the electric generating set in the 220/110 kV
substation Raureni (design)
Connecting the control building of Gradiste substation to the town water
supply network (design)
2017
55
185
2017
70
350
2016
7
1
227
2016
7
1
86
2016
7
1
426
2016
7
0
261
2016
7
0
193
2016
7
1
235
2016
22
2017
25
0
83
500
2017
20
12
78
500
2017
20
15
409
33
100
2017
1.500
4.000
2018
20
30
90
2018
20
30
90
2018
20
30
90
20
300
2017
40
30
2020
40
2016
121
2017
40
2016
118
126
118
300
1.500
65
30
30
60
2015
17
12
10
11
30
30
11
11
7
160
50
256
3
24
10
5
7
10
20
15
10
10
10
10
10
10
3.99
Building electricity metering and quality monitoring systems in the
220/110/20 kV substation Pitesti Sud (design)
15
3.100
Building electricity metering and quality monitoring systems in the 220/110
kV substation Stuparei (design)
15
3.101
Integrating the Bradu substation and Operational Centre in the
communication system of TB Pitesti (design)
25
250
15
15
15
50
Reintegrating the relocated objectives into the integrated security system
3.102
after refurbishing Bradu substation (design)
3.103
3.104
3.105
3.106
3.107
3.108
257
15
10
Connecting the drainage installation of the 220/110 kV substation Gradiste
3.98
to the town network (design)
Remote control of switching equipment supplying the office buildings of TB
Pitesti (design)
Integrating the 110 kV metering bays and the 220 kV circuit breakers in the
on-line monitoring system of Gradiste substation (design)
Acess road in Darste substation from the by-pass of Brasov City (design
included)
Access road in Fantanele substation, branch from DJ 133 (design
included)
Fence replacing and access regulating in the 400/110 kV substation
Brasov (design included)
Installing the 400 MVA, 400/231/22 kV autotransformer 2 and related bays
in Iernut substation and upgrading the command control system of the
400/220/110/6 kV substation Iernut (design included)
500
270
2018
1
20
20
1.260
2018
1
30
20
1.260
2017
30
10
480
2019
5
1
50
3.109
3.110
3.111
3.112
3.113
3.114
3.115
Increasing the transmission capacity of the 220 kV OHL StejaruGheorgheni-Fantanele (design included)
Upgrading the communications and IT network from the buildings of TB
Sibiu
(inclusiv proiectarea)
Replacing the 220/110 kV AT2 in Gheorgheni subst (design included)
Replacing the Diesel sets 1 & 2 in the 400/110 kV substation Darste
(design included)
Fencing the storage concreted platform of Fantanele substation (design
included)
Making a warning / selective tripping of groundings and an automatic
control system for the ground leakage coils in the 20 kV substation
Fantanele (design included)
Upgrading the building of Sibiu Sud substation (design)
3.116 Completing the lightning protection in the 220/110 kV substation Pestis
2019
60
48
70
2017
25
325
2018
38
3.000
2017
20
400
2017
20
25
2017
30
375
10
2015
Refurbishing the 110 kV substation Arad and converting to 400 kV the Iron
3.117 Gates - Anina - Resita - Timisoara - Sacalaz - Arad axis; the 400 kV
substation Arad (stage III) (design)
Building the training & professional education centre Semenic within the
3.118
CNTEE Transelectrica (design)
3.119 Upgrading the personnel building of Iaz (design)
42
34
1
190
1
40
1
30
3.120 Upgrading the Fratelia storehouse of TB Timisoara (design)
1
10
3.121 Upgrading the heat installation, office building of TB Timisoara (design)
1
10
3.122 Upgrading the building of DET Timisoara (design )
1
25
Converting to 400 kV the Iron Gates - Anina - Resita - Timisoara - Sacalaz 3.123
Arad axis; the 400 kV OHL Timisoara - Arad (stage III) (proiectare )
Refurbishing the 110 kV substation Sacalaz and converting to 400 kV the
3.124 Iron Gates - Anina - Resita - Timisoara - Sacalaz - Arad axis; the 400 kV
substation Sacalaz (stage III) (design )
Building the communication path between Resita substation and the CTSI 3.125
TB Timisoara (design )
The 400 kV sc OHL Oradea Sud - Nadab - Bekescsaba, final stage:
3.126
segment betw towers 1-42 (48) of the 400 kV OHL Oradea Sud - Nadab
Upgrading the command-control-protection systems and CTSI integration
3.127
of Draganesti Olt substation
Upgrading the command-control-protection systems and CTSI integration
3.128
of Gradiste substation
The 400/110 kV substation Bucharest N and closure of the 400 kV ring in
3.129
the metropolitan area of Bucharest (design)
Preparing the HVDC Link Romania-Turkey investment project (provided
3.130
the implementation strategy and plan is submitted to the SB) (design)
Upgrading the Company's secondary office building from Blvd Hristo Botev
3.131
16-18
60
30
Optimising the operation of the 400 kV OHL Isaccea -Tulcea Vest & 400 kV
OHL Gura Ialomitei - Lacu Sarat by installing monitoring systems
Building the pilot project "Conservator oil sealing system using continuous
3.137 nitrogen flow to reduce the paper-oil insulation degradation in the 25 MVA
110/20 kV transformer 1 of Alba Iulia substation"
Pilot project - GIL utilisation to observe the insulation clearances for RET
3.138
installations
150
2017
2018
5
2017
5
2.600
8.000
7.000
10
2016
500
45
45
50
4.333
2016
2017
2.700
2017
300
2.000
2018
3.139 Building on-line monitoring system for autotransformers in Calafat subst
2017
650
3.140
Upgrading in order to diminish galloping effects to the 220 kV & 400 kV
OHL managed by TB Bucharest, TB Constanta, TB Sibiu and TB Bacau
2017
2.200
3.141
General installation of pilot project: bird protection measures required in the
environmental permits for TB Bucharest and TB Constanta
2018
Pilot project - building the complex monitoring system for OHL functional
3.142
parameters
Installing monitoring systems to optimise the operation of 400 kV OHL-s in
3.143
Dobrogea region managed by TB Constanta and TB Bucharest
3.144 Upgrading the lighting system in the 220/110 kV substation Alba Iulia
3.145
I)
I.a
I.b
4
J)
J.a
K)
Building complex monitoring system for OHL functional parameters
(design)
Upgrades (I.a+I.b) for the assets in the state private domain, of
which:
Equipment and other procurement of assets (J+K+L):
Equipment and other asset procurements (J.a) of goods under
private property of the economic operator
1.300
2017
4.500
2018
2017
165
350
0
0
0
0
0
24.555
12.814
29.215
32.607
33.644
0
0
0
0
0
10.911
9.821
13.003
19.704
20.584
441
80
313
100
100
10.470
9.741
12.690
19.604
20.484
13.643
2.993
16.212
12.903
13.060
12.903
13.060
Independent endowments
Equipment and other asset procurements (K.a+K.b ) for goods
from the state public domain
Real estate procurement, lands included
K.b
Drill work, land mapping, photogrammetry, seismologic determinations,
consultance and other investment expenses not found in the other
investment categories
Equipment and other asset procurements (L.a) of goods in the
L)
state private domain, of which:
L.a Independent endowments
6
2.000
New major upgrades
Other new upgrades in TB-s and the executive
K.a
5
6.500
8.000
1
3.133
3.136
540
190
3.132 Emergency centre in a location held by CNTEE Transelectrica SA (design)
Procuring Microsoft software products by concluding a contract type
volume licensing (design)
3.134 Upgrading the electronic voting system (design)
Building the on-line monitoring system for the transformers and
3.135
autotransformers of substations Ghizdaru and Draganesti Olt
4.300
Investment expenses financed from the connection fee
Reimbursements ****) of installments related to investment credits,
of which:
- internal
- external
13.643
2.993
16.212
12.552
8.199
5.406
193.247
196.387
163.000
132.000
109.000
6.600
186.647
6.600
189.787
6.600
156.400
132.000
109.000
7
8
*)
**)
Reimbursements of bonds
Suppliers' balance on 31.12.2014, estimated
Estimated suppliers' balance on 31.12.2015
200.000
16.020
16.020
17.270
The investment categories were divided according to Law 500/2002 of public finance, article 46;
2015 indicators are according to the BVC approved by GD 266/22.04.2015;
DIRECTORATE,
Ion-Toni Teau
Directorate Chairman
Constantin Vaduva
Member
Maria Ionescu
Director, Economic Division
Cristiana Zîrnovan
Manager, Investment Financing Department
Octavian Lohan
Member
Ion Smeeianu
Member
Florentina Raducanu
Director, Investment Division
Silvia Damian
Head of SMPI - DI
Catalin Chimirel
Member
CNTEE TRANSELECTRICA SA
Annex 5
Measures to improve the gross result and reduce outstanding payments
No.
0
Item I
1
2
3
4
5
6
Measures
1
Measures to improve the gross result and reduce outstanding
payments
Measure 1: Increasing operational revenues on the electricity market
Measure 2: Increasing other operational revenues
Measure 3: Increasing revenues from non-profit activities
Measure 4: Diminishing expenses with taxes and charges
Measure 5: Diminishing other operational expenses
Measure 6:Diminishing expenses of transmission network maintenance, the
integrated installations security & supervision systems (including data-voice
security systems), IT&Tc systems (IT&Tc equipment in substations,
territorial dispatchers etc.), of administrative buildings, fire fighting
equipment
7
Measure 7: Diminishing other services executed by third parties
(installations security & guard, studies, research, rating agencies, expenses
of symposia & conferences, telecom, insurance premiums, rents etc)
8
9
Measure 8: Diminishing financial expenses
Measure 9: Diminishing expenses from non-profit activities
10 Measure 10: Diminishing operational expenses on the electricity market
11 Measure 11: Diminishing stock expenses (consumables, materials type
inventory objects)
12 Measure 12: Reducing outstanding payments as result of collecting liabilities
Deadline for
achievement
2015
Forecasted /
Achieved
Gross Outstan
result (+/- ding
)
payment
2
3
2017/2018
2016/2017/2018
2017/2018
2016/2017
2016
4
2017
Influences (+/-)
Influences (+/-)
X
X
Influences (+/-)
Gross
result
Outstan
ding
pays
Gross
result
Outstan
ding
pays
Gross
result
Outstand
ing pays
5
6
7
8
9
10
11.403
4.725
29.150
8.808
2.743
X
X
thousand lei
2018
2016
5.639
6.153
13.849
800
15.370
494
2018
1.630
846
10.547
13.815
2017/2018
7.865
1.958
2017
5.602
2017/2018
2016/2017/2018
2016
2016
TOTAL item I
Page 1 of 3
X
X
X
X
X
X
X
X
12.579
82.936
-19
110.050
-19
0
79.730
0
0
47.132
0
No.
0
Item
II
1
2
3
4
5
6
7
8
Measures
1
Deadline for
achievement
2015
Forecasted /
Achieved
Gross Outstan
result (+/- ding
)
payment
2016
2017
2018
Influences (+/-)
Influences (+/-)
Influences (+/-)
Gross
result
Outstan
ding
pays
Gross
result
Outstan
ding
pays
Gross
result
Outstand
ing pays
6
7
8
9
10
2
3
4
5
Cause 1: Diminished operational revenues on the electricity market
Cause 2: Diminished financial revenues
Cause 3: Diminished revenues from non-profit activities
Cause 4: Increased operational expenses on the electricity market
Cause 5: Increased expenses for consumables, materials like inventory
objects
2016
2016/2017/2018
2016
2016
X
X
X
X
X
X
X
X
-73.449
-11.573
-107.285
-20.348
2016/2018
X
X
-9.989
Cause 6: Increased electricity and water expenses in administrative offices
after price increase of utilities
2016/2017/2018
X
X
-1.252
-145
2016/2017
X
X
-57.095
-3.777
2016
X
X
-24.708
2016/2017/2018
X
X
-18.415
2016
X
X
Causes that mitigate the effects of measures provided under item I
Cause 7: Increased expenses for the transmission network, integrated
installations security and supervision systems (including data-voice security
systems), IT&Tc systems (IT&Tc equipment from substations, territorial
dispatchers etc.), administrative buildings, fire-fighting equipment
Cause 8: Increased other services provided by third parties (installations
guard & security, studies, research, rating agencies, symposia and
conferences, telecommunications, insurance premiums, rents etc)
Cause 9: Increased personnel expenses (social expenses, employees
participation to the profit of last year, entity contributions to optional pension
9 schemes, expenses with the mandate contract and other governance and
control bodies, commissions and committees corresponding to Company
management under two-tier system by the Supervisory Board and
Directorate. Both governance bodies fully comply with the selection criteria
set in GEO 109/2011)
10 Cause 10: Increased expenses of taxes and charges
Page 2 of 3
-5.375
-12.225
-212
-6.287
-11
-4.641
-122
No.
Deadline for
achievement
Measures
0
1
11 Cause 11: Increased chapter for other operational expenses
12 Cause 12: Increased expenses from non-profit activities
TOTAL item II
Pct.
III
TOTAL GENERAL item I + item II
2015
Forecasted /
Achieved
Gross Outstan
result (+/- ding
)
payment
2
3
4
2017/2018
2017/2018
X
X
X
X
X
X
435.079
2016
2017
2018
Influences (+/-)
Influences (+/-)
Influences (+/-)
Gross
result
Outstan
ding
pays
Gross
result
Outstan
ding
pays
5
6
7
8
-324.114
124 -214.064
-34.344
-29.150
0 -79.078
-19
652
Gross
result
Outstand
ing pays
9
10
0
-13.641
-15.370
-46.222
0
0
910
0
DIRECTORATE,
Ion-Toni Teau
Directorate Chairman
Constantin Vaduva
Membru
Octavian Lohan
Member
Maria Ionescu
Director, Economic Division
Veronica Crisu
Manager, Accounting Department
Page 3 of 3
Ion Smeeianu
Member
Catalin Chimirel
Member
Note no. 1
NOTE
on the services provided by CNTEE Transelectrica SA on the electricity market
CNTEE Transelectrica SA carries out activities in capacity of transmission and system operator according to
the Operational Licence 161/2000 issued by ANRE, updated by Decision 270/04.2015 of ANRE, mainly
providing the following services on the electricity market:
- Electricity transmission;
- Dispatcher management of SEN (technological and functional system services);
- Operator of the balancing market;
- Operator of the centralised market allocating the international interconnection capacity;
- Compensating the effects of electricity transmission networks utilisation to make cross-border
exchanges (ITC- Inter TSO Compensation)
Transelectrica is the single national operator performing activities of natural monopoly nature, namely
electricity transmission services and technical-operational management of the SEN.
Transelectrica provides such services using regulated tariffs that are periodically reviewed by ANRE,
while the law grants free non-discriminating access to the RET for all market participants.
The services that the Company provides on the electricity market are classified into profit-allowed and
zero profit services.
●
Services generating profit are as follows:
- Transmission services;
- Functional system services;
- Services allocating the interconnection capacity
- Services regarding cross-border electricity exchanges (ITC- Inter TSO Compensation).
Transmission services
Electricity transmission services consist in transmitting active electricity between two or more points of
the electricity transmission grid (RET) of the National Power System (SEN), while observing the norms
of continuity, safety and quality, providing technical conditions and maintaining the operational
parameters of the RET.
Transmission is a public service provided by the Company under non-discriminating conditions for all
RET users. Beneficiaries of transmission services are all licence holders that inject into, namely draw
electricity from the RET, import/export activities included. Such services are provided using the average
transmission tariff regulated and approved by ANRE.
1
Functional system services
Functional system services consist of the technical-operational management of the National Power
System. To this effect the Company uses its own resources, called functional system services, which refer
to dispatching services provided by Transelectrica and mean planning and operationally managing the
SEN, as well as other activities carried out in order to balance in real time output with consumption, to
cover the electricity consumption while providing proper operational safety to the SEN. In order to
provide such services the Company allocates its internal resources:
- Human resources involved in this process, usually working with the UNO-DEN;
- The infrastructure of technical-operational management of the SEN, represented by EMS-SCADA and
by the telecommunication, tele-command, protection and control systems.
Functional system services are provided using tariff regulated and approved by ANRE.
Services allocating the interconnection capacity
Such services are represented by cross-border electricity exchanges in view of improving competition on
the domestic electricity market, taking into consideration the specific characteristics of national and
regional markets. The compensation mechanism for cross-border electricity flows operate based on
harmonised principles for the cross-border transmission fees and allocation of available interconnection
capacities between national power systems.
In accordance with the provisions of EC Regulation 1228/2003, modified by Decision 770 of the
European Commission of 09.11.2006 amending the Annex to EC Regulation 1228/2003, chapter 3 –
Coordination, EU member countries are obliged to structure coordinated bilateral allocation of
interconnection capacities together with the TSO-s of neighbouring power systems in view of the
available capacity.
The Company provides services allocating the interconnection capacity by annual, monthly, daily and
intra-daily bids according to the terms of Agreements with neighbouring TSO-s, the Tender Rules agreed
with them and an Operational Procedure approved by ANRE.
Services regarding cross-border electricity exchanges (ITC- Inter TSO Compensation)
CNTEE Transelectrica S.A is a signatory party of the ITC settlement and compensation contract (ITCInter TSO Compensation) on the mechanism compensating the effects of transmission grids utilisation for
cross-border electricity exchanges among Transmission and System Operators of Europe. Romania has
been participating to this mechanism since July 2004. At present the mechanism is applied in accordance
with the multi-annual ITC Contract signed on 3 March 2011 by 39 Transmission and System Operators
from 34 European countries as well as by ENTSO-E.
All calculations are made independently by two Data Administrators from ENTSO-E and mutually
verified by signatory parties under contract with ENTSO-E, integrant part in the multi-annual ITC
Contract.
The obligation to apply some compensation mechanism among TSO-s was initiated by (EU) Regulation
1228/2003 regarding network access conditions for cross-border electricity exchanges and at present it is
stipulated in (EU) Regulation 714/2009 regarding network access conditions for cross-border electricity
exchanges and cancelling (EU) Regulation 1228/2003.
2
The calculation principles and rules of the inter TSO compensation mechanism are regulated at European
level by (EU) Regulation 714/2009 and (EU) Regulation 838/2010 on the guidelines for the compensation
mechanism between transmission and system operators and on the common regulatory approach in the
tariff setting for transmission services.
●
Services which allow no profit are as follows:
- Technological system services;
- Balancing market operator services.
Technological system services
They consist in maintaining the uninterrupted SEN operation under safe conditions while observing the
quality standards provided in the Technical Code of RET and the norms of the west European UCTE
system and they are procured under contract from the generators, upon Transelectrica’s request.
The main components of technological system services are as follows:
- Primary frequency control reserve, defined as automatic decentralised control of steady-state nature,
distributed across many generating units providing fast correction (in 30 seconds at the most) of
differences between output and consumption at frequency close to the set value;
- Frequency-power secondary control reserve, defined as automatic centralised frequency control
(exchange power with frequency correction) in order to restore frequency/exchange power to their set
values within 15 minutes at the most;
- Power reserve corresponding to tertiary control:
- Slow tertiary reserve - power reserve provided by generating units with start-up and loading time below
7 hours;
- Fast tertiary reserve - power reserve provided by generating units qualified to provide synchronisation
and loading in maximum 30 minutes;
- Voltage control by means of reactive power;
- Capacity to provide start-up services to restore the SEN;
- Active power to cover losses in the RET.
Balancing market operator services
Transelectrica is balancing market operator in accordance with the licence from ANRE.
The balancing market covers the differences between the notified output and consumption. Participants
assume financial responsibility for occurring imbalances.
Transelectrica procures electricity on the centralized compulsory balancing market for power loading /
unloading from market participants holders of dispatchable generating units / consumptions with a view to
compensate deviations from the scheduled values of electricity output and consumption.
Dispatchable generators (with generating units above 10 MW) are obliged to offer on this market the
entire electricity quantity available in addition to the notified amount. Transelectrica is the manager of this
market through the Operational Unit - National Power Dispatcher (UNO DEN).
3
Note no. 2
NOTE
about the operational expenses of CNTEE Transelectrica SA on the electricity market
The Company makes operational expenses in order to perform activities on the electricity market, which
also include operational costs specific to provided services. Such expenses are independent of the amount
of electricity carried within the network, but they have important share in the total operational costs.
In this category are found the following expenses covered from regulated tariffs: expenses to procure
electricity necessary to cover technological losses (CPT), congestion expenses, costs of unplanned
exchanges, expenses with power consumption for auxiliary services within electric substations.
Technological losses (CPT) associated to electricity transmission represent power and energy losses in
electricity transmission networks, depending on load (Joule effect), owed to Corona (electrical discharges
occurring around high voltage conductors, facilitated by certain atmospheric conditions - rain, fog, snow,
frost), losses by transversal conduction on the lines.
●
The amount of electricity necessary to cover CPT is relatively independent from the volume of electricity
carried in the RET, being impacted by factors outside Company control (meteorological conditions, Joule
and Corona effects).
Although the physical share of CPT in the electricity carried in the RET turns around a 2.5% average
(about 1.9% in the tariffed electricity), the total cost of electricity necessary to cover CPT represents about
18% from the transmission revenues. Such difference can be explained by the energy unit (MWh) in the
SEN rated by Transelectrica with regulated unit prices (tariffs) charged for transmission services, while
the energy unit of CPT is procured by the company at the generating unit price set by market mechanisms
(these last years the procurement unit price was over 10 times higher than the transmission unit tariff).
Congestions (network restrictions) are demands of electricity transmission above the technical capacity
limits of the grid, and corrective activities are necessary from the transmission and system operator; they
occur when, upon operation scheduling or even during real time operation the power flow between two
system nodes or zones leads to trespassing the safety parameters in the operation of the power system.
●
Unplanned electricity exchanges (SN) represent the difference between the sum of all exports and
imports that were notified in accordance with the provisions of the Commercial Code of the Wholesale
Electricity Market and the electricity actually exchanged with the External Parties Interconnected during
the respective Dispatching Interval, without considering the effect of frequency variation.
●
In accordance with the conditions associated to Licence 161/2000 set under Decision 867/30.04.2009 of
ANRE, the Transmission and System Operator TSO establishes according to the provisions of article
10.2.5.2 from the Commercial Code of the Wholesale Electricity Market approved by Order 25/2004 of
ANRE president the PRE - balancing responsible party (BRP) in order to:
- Compensate the unplanned exchanges, namely BRP-SN, and
- Procure electricity meant to cover technical electricity losses in the electricity transmission grid,
namely BRP-CPT.
1
In accordance with article 8.7.1.1 from the Commercial Code of the Wholesale Electricity Market
Transelectrica procures or sells through the BRP-SN electricity necessary to compensate unplanned
exchanges only by means of the DAM and the BM.
2
Note no. 3
NOTE
about maintenance activities performed by CNTEE Transelectrica SA
When performing maintenance activities Transelectrica observes the legal obligations and the regulations
issued by ANRE.
The Company’s Maintenance plan is an integrated one including mostly maintenance work specific to
Company activities such as- maintenance of the electricity transmission grid (RET), maintenance of the
integrated installation security and supervision systems (including data-voice security systems), as well as
of the IT&Tc systems (IT&Tc equipment from electric substation, territorial dispatcher units etc.).
●
Maintenance of the electricity transmission grid (overhead lines and electric substations)
Maintenance activities carried out in accordance with the Regulation regarding management and
organisation of maintenance activities approved by Order 35/2002 of ANRE, namely with Maintenance
Plan (PAM) should provide operational safety of the RET in the context of the overall SEN operation,
while also considering the economic aspects.
Maintenance activities fall in line with the asset management concept of CNTEE Transelectrica SA and
are, according to worldwide practice, a component of it complying with the requirements of sustainable
development.
Asset management in the sustainable development context is a set of methods and procedures contributing
to enhanced profitability, competitiveness of services provided by such assets as well as continuity and
quality in their operation. Such approach of maintenance activities required principles set in a complex
strategy leading to achieved objectives, as support for Company targets.
The general maintenance strategy principles applied in CNTEE Transelectrica SA are as follows:
 Efficient utilisation of funds dedicated to maintenance activities in accordance with legal provisions;
 Organising the Company’s Maintenance plan by programmes / projects;
 Correlating the Maintenance plan with the investments (development / refurbishment /
modernisation) included in the RET Development Plan in 2014-2023
 Integrating into projects the principles resulting from the quality insurance system, from
environmental protection, security concepts including labour/occupational health and security.
Minor maintenance has got important share within maintenance services/work, meaning routine activities,
namely technical inspections & revisions and ensuing small-scale repair, as well as repairs after accidental
events - incidents or preventive activities, assuming high technical skills, proper equipment and
organisation in the territory; it is performed by SMART, subsidiary held 70% by the Company and 30%
by the Romanian State through the Government’s Secretariat General, established on purpose for such
kind of services / work.
Major maintenance (current and capital repairs) is performed under contract by competitive procedures,
as per the law, by specific companies licensed according to applicable legislation.
1
Services and work are scheduled and planned according to set priorities; maintenance services / work
plans are elaborated in the short, mid and long term, attempting to use only allocated resources.
The long-term maintenance plan is drawn up based on multi-criteria analyses where major maintenance
activities are prevailingly directed towards electricity transmission installations which:
−
−
−
−
Provide interconnection with neighbouring power systems;
Provide connection between system areas or between important electrical substations;
Discharge power from great generators;
Supply important consumption areas (increasing the transmission capacity is also considered).
The 2016 RET Maintenance plan includes preventive maintenance services / work, services/work in the
design stage as well as services/work in progress.
Maintenance projects resulting from complex analysis meant to supervise the operational behaviour of
equipment and to introduce new technologies take into account the following issues:
 Uniform treatment of maintenance services/work, also in correlation with investments
 Correlation with the RET development plan in the mid and long term (2014-2018-2023)
 Minimum necessary maintenance is provided to the installations planned for refurbishment /
upgrading, in order to prevent accidental events with extended consequences in the Electricity
Transmission Grid (RET)
 Major maintenance is provided in improved manner in as short time intervals as possible in order
to prevent impacting the operational safety of the Romanian Power System (SEN)
 Adding modernisation / refurbishment / development to maintenance services / work
 Correlating with services / work in progress / already provided / executed
 Reducing / removing incidents and unavailability of installations with direct effects on the
operational safety and interconnected operation of the RET
 Correlating the maintenance plans / projects with the investments by executing work
simultaneously to one line and the associated bays, and in general simultaneously in the bays and
to the connected elements, to the primary and secondary equipment, and between different
installation managers, including partners from neighbouring power systems
 Using live working technologies (LW) in order to avoid network congestion costs and
technological losses (CPT)
 Minimising the environmental impact by involving providers / contractors in achieving the
Company objectives (conform to the procedures of the Integrated Quality, Environment,
Occupational Security and Health Management System)
Values provided in the 2016 RET maintenance plan are estimated so as to allocate sources for further
services / work, as well as for new major maintenance such as:
 To OHL-s:
RK 400 kV OHL Roman Nord – Suceava
RK 400 kV OHL Bucuresti Sud – Pelicanu
RC 400 kV OHL Tantareni – Bradu
Major maintenance to 220 kV OHL Alba-Sugag-Galceag
Major maintenance to 220 kV OHL Tihau – Baia Mare 3
Major maintenance to 220 kV dc OHL Cluj Floresti – Alba Iulia: Cluj Floresti
Campia Turzii: Iernut - Campia Turzii
2

To the power transformer units: RC T2 250 MVA 400/110/20 kV series 140838/1997 in
substation Smardan
The Company’s maintenance strategy in the domain of electrical substations and overhead lines (OHL) is
carried out by maintaining installations to the operational safety level they were designed for, while
providing operational continuity during work, avoiding / reducing congestions, reducing technological
consumption (losses) etc.
●
Maintenance of integrated installations security and supervision systems (including data-voice security
systems), of the IT&Tc systems (IT&Tc equipment from electrical substations, territorial dispatchers etc.)
In Transelectrica a system was implemented managing emergency circumstances and mobile
interventions, which is meant to improve crisis management, the intervention of mobile security teams
and the remote metering of the electricity market according to Transelectrica’s strategy of organisation /
technical equipment in security domains, with immediate effect on the efficiency of electricity
transmission and network operation.
System implementation required achieving the following functional modules in the Company’s central
offices as well as in subsidiaries and operational centres.
- Capability to reorganise the infrastructure according to management criteria for power objective
security
- Protecting the infrastructure as well as inter-institutional communication
- Geo-analysis to support interventions in emergencies
- Control board of the infrastructure
- Securing the telephone system
- Monitoring and studying the users, systems and database applications
The management system for emergency circumstances and mobile interventions brings the following
benefits to the Company:
- Reducing until complete removal the interrupted operation of the optical fibre network used for
operational communications;
- Reducing the accidental breakdowns of the electricity transmission network;
- Equipment protection in case of disasters;
- Support for the mobile teams in case of interventions in emergency situations or of planned work to
the electricity transmission network;
- Meteorological alerts for application of preventive measures to protect equipment;
- Inter-institutional communication with public administrations in emergencies;
- Superior capitalisation of existing information from the TEGIS database and including it in other
Company activities;
- Improved management of the electricity transmission grid and setting the geo-spatial
communication platform with the entities within SEN etc.
Hardware, software and communication technologies were used in the implementation of the IT system,
procured from various international manufacturers: IBM, EMC, Intergraph, Oracle, and Cisco etc. To
provide good operation of the integrated IT system all system components (hardware and communication
3
infrastructure, software licences, developed applications) should benefit of qualified permanent
maintenance.
In case of the procured software licences the maintenance provides safe operation as well as corrected
operational errors, access to the latest versions of software, maintained compatibility with the new
versions of operational systems and/or relational databases, availability of new functions increasing the
working speed/analysis power and data correlation in order to turn them into usable information.
For proper system operation one needs procuring the following main services:
 Administration of existent applications;
 Data administration;
 Consultancy to identify technical solutions and to generate specific reports
 Assistance for decision making;
 Assistance in the maintenance of the basic hardware and software infrastructure;
Each year the Company’s IT applications require maintenance; maintenance services, software technical
assistance and upgrade reconfiguration for eDoc application; PowrSym licence maintenance; DAMAS
system maintenance; updates and technical support for 5 EUROSTAG and 2 SYSCAN licences; upgrades
for Netomac licences; applications for energy systems maintenance (rcm, coswin, etc.); maintenance of
data network and telecommunication equipment; maintenance of PSS/E licences, Intel Visual Fortran
Composer XE licences for Windows.
4
Human resources division
NOTE no. 4
Fundamentals of wage expenses and of costs associated to mandate contracts for 2016-2018
The National Power Grid Company Transelectrica SA, established under GD 627/2000, according to Licence 161/2000
issued by ANRE, is licensed for electricity transmission and system services, providing them under maximum safety and
stability conditions in compliance with quality standards.
Maintaining the safe operation of the National Power System (SEN) constitutes premises for the provision of public
transmission / dispatch services to all users of the transmission grid, providing their continuous non-discriminating access
to the network while observing the norms and the performance provided in applicable technical regulations.
In accordance with applicable legal provisions, namely GEO 109/2011 with later amendments and additions and GO
26/2013, amended and added by GEO 88/2013, in 2016-2018 wage expenses are grounded taking into account the labour
productivity indicator in value units, namely the ratio between total operational revenues and the average number of
employees as follows:
Indicator
Operational revenues
- Lei Average personnel number
Estimated
to achieve in 2015
2,984,491,941
2,180
Operational revenues / average
number of personnel
1,369,033
2016
2,806,500,400
2017
2,851,779,000
2018
2,881,799,000
2,180
2,180
2,180
1,287,385
1,308,156
1,321,926
From the above a drop of 5.96% results of the indicator "operational revenues / average number of personnel" in 2016
compared to 2015, as well as 1.61% increase in 2017 compared to 2016 and 1.05% in 2018 compared to 2017.
In accordance with article 1 par 6 from GEO 88/2014 amending and adding GO 26/2013 "Increasing the gross monthly
average gain per employee is determined in percentages from the growth index of labour productivity calculated in value or
physical units, according to each case. The maximum percentage limit of the increase in the gross average gain per
employee is established in the annual law of the state budget".
Proposed BVC for 2016
Employees hired under CIM
Considering the above the "Wage expenses" indicator from the draft BVC for 2016 will be the same as in 2015.
- Wage fund for employees hired under CIM, of which:
123,760,316 Lei
- Basic salaries;
- Indexes, prizes and other benefits to the basic salary
- Monthly average gain associated to wage expenses
79,238,640 Lei
44,521,676 Lei
4,731 Lei/person
- Bonuses (for employees hired under CIM), of which:
25,334,815 Lei
- social expenses
(123,760,316 Lei * 4.9%)
6,064,255 Lei
- meal tickets
4,133,236 Lei
- employees’ participation to profit
6,603,220 Lei
- electricity reimbursed to employees
3,084,104 Lei
- holiday vouchers
5,450,000 Lei
(2 vouchers * 1250 Lei * 2180 employees)
- Wage fund associated to expenses of salary nature
(123,760,316 Lei + 25,334,815 Lei)
149,095,131 Lei
- Monthly average gain associated to expenses of salary nature
5,215 Lei/employee
((149,095,131 Lei – 6,064,255 Lei – 6,603,220 Lei) / 2180 employees / 12 months)
Supervisory Board
- fixed component
(6 members * 7,800 Lei/month * 12 months
1 member * 8,000 Lei/month * 12 months)
- variable component (Options of virtual Transelectrica shares (OAVT))
657,600 Lei;
1,087,741 Lei
Directorate
- fixed component
(1 member * 24,000 Lei/month * 12 months
4 members * 23,500 Lei/month * 12 months)
- variable component (Options of virtual Transelectrica shares (OAVT))
1,416.000 Lei
1,344,677 Lei
The values for Options of virtual Transelectrica shares, component of variable indemnities, were determined in accordance
with the provisions of DECISION 1 of the Shareholders’ General Ordinary Assembly of the National Power Grid Company
Transelectrica SA of 23 March 2015.
Estimate of 2017 BVC
Employees hired under CIM
In 2017 taking into account that "operational revenues / average number of personnel" indicator increases compared to
2016, the fundamentals of "Personnel expenses" indicator took into account the 2.7% annual average of consumption prices
growth.
- Wage fund for employees hired under CIM, of which:
(123,760,316 Lei * 102.7%)
- Basic salaries;
- Indexes, prizes and other benefits to the basic salary
- Monthly average gain associated to wage expenses
(4,731 Lei/person * 102.7%)
- Bonuses (for employees hired under CIM), of which:
- social expenses
(127,101,845 Lei * 4.77%)
127,101,845 Lei
79,940,470 Lei
47,161,375 Lei
4,859 Lei/person
25,587,071 Lei
6,064,255 Lei
- meal tickets
4,244,833 Lei
- employees’ participation to profit
6,660,608 Lei
- electricity reimbursed to employees
3,167,375 Lei
- holiday vouchers
5,450,000 Lei
(2 vouchers * 1250 Lei * 2180 employees)
- Wage fund associated to expenses of salary nature
(127,101,845 Lei + 25,587,071 Lei)
- Monthly average gain associated to expenses of salary nature
152,688,916 Lei
5,350 Lei/employee
((152,688,916 Lei – 6,064,255 Lei – 6,660,608 Lei) / 2180 employees / 12 months)
Supervisory Board
- fixed component
(6 members * 7,800 Lei/month * 12 months
1 member * 8,000 Lei/month * 12 months)
- variable component (Options of virtual Transelectrica shares (OAVT))
657,600 Lei;
1,658,269 Lei
Directorate
- fixed component
(1 member * 24,000 Lei/month * 12 months
4 members * 23,500 Lei/month * 12 months)
- variable component (Options of virtual Transelectrica shares (OAVT))
1,416,000 Lei.
2,599,964 Lei
Estimate of 2018 BVC
Employees hired under CIM
In 2018 taking into account that "operational revenues / average number of personnel" indicator increases compared to
2017, the fundamentals of "Personnel expenses" indicator took into account the 2.5% annual average of consumption prices
growth.
- Wage fund of employees hired under CIM, of which:
(127,101,845 Lei * 102.5%)
- Basic salaries;
-
Indexes, prizes and other benefits to the basic salary
- Monthly average gain associated to wage expenses
(4,859 Lei/person * 102.5%)
- Bonuses (for employees hired under CIM), of which:
130,279,391 Lei
81,938,981 Lei
48,340,409 Lei
4,980 Lei/pers.
25,938,891 Lei
- social expenses (130,279,391 * 4.65%)
6,064,255 Lei
- meal tickets
4,350,954 Lei
- employees’ participation to profit
6,827,123 Lei
- electricity reimbursed to employees
3,246,559 Lei
- holiday vouchers
(2 vouchers * 1250 Lei * 2180 employees)
5,450,000 Lei
- Wage fund associated to expenses of salary nature
156,218,282 Lei
(130,279,391 Lei + 25,938,891 Lei)
- Monthly average gain associated to expenses of salary nature
5,479 Lei/employee
((156,218,282 Lei – 6,064,255 Lei – 6,827,123 Lei) / 2180 employees / 12 months)
Supervisory Board
- fixed component
(6 members * 7,800 Lei/month * 12 months
1 member * 8,000 Lei/month * 12 months)
- variable component (Options of virtual Transelectrica shares (OAVT))
657,600 Lei;
1,587,206 Lei
Directorate
- fixed component
1,416,000 Lei.
(1 member * 24,000 Lei/month * 12 months
4 members * 23,500 Lei/month * 12 months)
- variable component (Options of virtual Transelectrica shares (OAVT)) 2,939,574 Lei
Fundamentals of the fixed and variable (OAVT) component for Supervisory Board and Directorate members
In accordance with the Mandate contract concluded between the Supervisory Board and Directorate members with the
Shareholders’ general assembly, respectively with the Supervisory Board, their members are entitled to a fixe component as
follows:
- Supervisory Board chairperson
4,000 Lei/month
- Supervisory Board member
3,900 Lei/month
- Directorate chairman
24,000 Lei/month
- Directorate member
23,500 Lei/month
In view of elaborating the draft Revenue and expense budget (BVC) of 2016 the starting premise was doubling the fixed
component granted to Supervisory Board members (8,000 Lei/month for chairperson, and 7,800 Lei/month members),
remunerations multiplied with the number of Board members and with 12 months (such increase is conditioned by the
approval to the 2016 proposed amendments to GEO 109/2011).
In case of Directorate members in 2016 the working premise was maintaining the current remunerations multiplied with the
number of members and with 12 months.
In case of the variable component (OAVT), according to the provisions of DECISION 1 of the Shareholders’ General
Ordinary Assembly of the National Power Grid Company Transelectrica SA from 23 March 2015, the Supervisory Board
chairperson is entitled to an annual package of 75,000 OAVT-s and SB members are entitled to an annual package of
60,000 OAVT-s; Directorate chairman is entitled to an annual package of 156,000 OAVT-s and the Directorate membersof 104,000 OAVT-s. OAVT-s confer the capacity of shareholder and they cannot be converted in Transelectrica shares.
The capitalisation of such OAVT granted annually can be performed as follows:
- one third of the OAVT-s granted in 2015 can be capitalised in 2015, a third in 2016 and a third in 2017
- one third of the OAVT-s granted in 2016 can be capitalised in 2016, a third in 2017 and a third in 2018etc.
In 2016 the fundamentals of the variable component (OAVT) took into account the OAVT package given in 2015 which
were not capitalised in 2015 but which will be capitalised in 2016, as well as the OAVT package granted in 2016 of which
the first third can be capitalised in 2016. Also the fundamentals of the variable component, besides the number of OAVT,
takes into account as well the weighted average prices of one Transelectrica share transacted on the Regular and Deal BVB
markets and the dividend per share paid by the Company.
The calculation formula of the variable remuneration is as follows:
- for the OAVT package received in 2015, I portion:
RV2015=(PMA2015+DIV2015-PMA2014) * NOAVT2015
- for the OAVT package received in 2015, II portion:
RV2016=(PMA2016+ DIV2016+DIV2015-PMA2014) * NOAVT2015
RV2016=(PMA2016+ DIV2016-PMA2015) * NOAVT2016,
- for the OAVT package received in 2016, I portion:
where:
PMA2014 is the weighted average price of one Transelectrica share transacted on the Regular and Deal BVB
markets in October 2014;
PMA2015 is the weighted average price of one Transelectrica share transacted on the Regular and Deal BVB
markets in October 2015;
PMA2016 is the weighted average price of one Transelectrica share transacted on the Regular and Deal BVB
markets in October 2016;
DIV2015 is the dividend/share paid by the Company in 2015;
DIV2016 is the dividend/share paid by the Company in 2016;
NOAVT2015 represents:
a) for 2015 - a third of the OAVT package granted for 2015;
b) for 2016 - a third of the OAVT granted for 2015, to which are added the OAVT-s from a) noncapitalised in 2015;
NOAVT2016 represents, as regards 2016, a third of the OAVT package granted for 2016;
In case of 2016 the OAVT package received on 23 March 2015 but not capitalised in 2015 was taken into account when
determining the sums Supervisory Board and Directorate members are entitled to, as well as the OAVT package that will
be given at the end of 2015, sums that can be paid in 2016 as follows:
OAVT package granted on 23 March 2015 for 2014
Supervisory Board
- portion I
28,543 Lei
- portion II
760,378 Lei
TOTAL
788,921 Lei
Directorate
- portion I
173,160 Lei
- portion II
628,012 Lei
TOTAL
801,172 Lei
OAVT package granted on 15 November 2015 for 2015
Supervisory Board
- portion I
298,820 Lei
TOTAL
298,820 Lei
Directorate
- portion I
543,505 Lei
TOTAL
543,505 Lei
Cristinel-Stefan OCNASU
Director of division
Alexandru MIHART
Manager
Written by
Daniel PAPAIANOPOL
HR & Wages Specialist
Note no. 5
NOTE
about the estimate of non-taxable revenues
when calculating the 2016 income tax
The Company’s non-taxable revenues are estimated when calculating the 2016 income tax using the forecasted
achievements of 2015 and the revenues included in the draft 2016 BVC as follows:
Revenue items
Revenues from dividends received from subsidiaries
where the Company is single shareholder
Revenues from cancellation of expenses with
depreciation and provisions, for which there was no
deduction (liabilities, participation fund to profit,
variable component of remunerations for Directorate
and Supervisory Board members)
Revenues from deferred income tax registered in the
base of accounting regulations conform to IFRS
(recoverable tax in future period relating to temporary
deductible differences between the accounting value of
an asset or liability and its fiscal value)
Total non-taxable revenues
Maria Ionescu
Economic Director
Veronica Crisu
Manager, Accounting Department
Compliance with provisions of
Law 227/2015 on the Fiscal
Code, with later amendments
and additions
Article 23 let. a)
Sum
- thousand lei -
1,000
Article 23 let. d)
17,489
Article 23 let. e)
2,000
20,489
Note no. 6
NOTE
about the estimate of fiscally non-deductible expenses
when calculating the income tax of 2016
The Company’s fiscally non-deductible expenses are estimated when calculating the 2016 income tax using the forecasted
achievements of 2015 and the expenses included in the draft 2016 BVC as follows:
Compliance with provisions of
Law 227/2015 on the Fiscal
Code, with later amendments and
additions
Expense items
Estimated expenses about RET utilisation by ENTSO-E
members under the Inter TSO Compensation mechanism
(justifying documents for the transactions made are
received in the following financial year)
Expenses of amortisement for fiscally non-deductible
property, plant & equipment (now mothballed)
Expenses with tax on revenues obtained by non-resident
in Romania
Expenses of provisions for expenses with the
participation fund to the 2016 profit
Expenses of national and international subscriptions
Expenses with motor cars exclusively used for economic
activities (fuel costs, repairs, taxes, charges, insurance –
deductible 50%)
Expenses with electricity quota reimbursed to retired
employees according to the provisions of applicable CCM
and of GD 1041/2003 with later amendments and
additions
Sponsorship, Maecenas and private scholarship expenses
Article 25 par.(4)
Sum
thousand Lei
14,000
Article 28 par. (12) let. k)
4,000
Article 25 par. (4) let. a)
2,000
Article 26 par. (1)
Article 25 par. (4) let. k)
8,179
3,000
Article 25 par. (3) let. l)
500
Article 25 par. (1)
1,000
Article 25 par. (4) let. i)
1,000
Expenses with provisions for the variable component of
remunerations for Directorate and Supervisory Board
members
Expenses from the deferred income tax registered as per
accounting regulations conform to IFRS (tax payable in a
future period associated to temporary taxable differences
between the accounting value of an asset or liability and
their fiscal value)
Total of fiscally non-deductible expenses
Maria Ionescu
Veronica Crisu
Economic Director
Manager, Accounting Department
4,983
5,000
43,662