May 9, 2014 / 3:48 PM / in 5 years

Romania's Transelectrica Q1 profit up 49 percent

BUCHAREST, May 9 (Reuters) - State-owned Romanian power grid operator Transelectrica posted a net profit of 136.5 million lei ($42.36 million) in the first quarter of 2014, up 49 percent on the year, driven by higher revenues and market deregulation.

Under an aid deal with the International Monetary Fund and the European Commission, Romania is set to deregulate its energy markets in stages for industrial users and households by 2017 for the power sector and 2018 for gas.

Net profit had risen sharply in 2013 to 200.9 million lei, much higher than analysts’ forecasts of 154.5 million, thanks to cost cutting and higher transmission fees. ($1 = 3.2223 Romanian lei) (Reporting by Luiza Ilie; Editing by Matthias Williams)

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