BUCHAREST - Societatea Energetica Electrica S.A. (Electrica), a leading Romanian power distributor and supplier, has announced an increase in its 2024 consolidated investment plan (CAPEX). On Monday, the company's Board of Directors approved the addition of RON 28.5 million to the annual financial plan of its distribution subsidiary, Distributie Energie Electrica Romania S.A. This adjustment raises the subsidiary's investment budget from RON 878.0 million to RON 906.5 million for the year.
The increase in CAPEX is part of Electrica's strategic efforts to enhance its infrastructure and service delivery. The company, which is traded on both the Bucharest Stock Exchange (BSE) and the London Stock Exchange (LON:LSEG) (LSE), has a subscribed and paid-in share capital of RON 3,395,530,040.
The capital expenditure plan is a critical component of Electrica's operations, as it underpins the company's commitment to maintaining and upgrading its electricity distribution network. This network is essential for ensuring reliable power supply to consumers and for supporting Romania's energy demands.
The revised investment plan for 2024 reflects Electrica's focus on continuous improvement of its asset base. By allocating additional funds, the company aims to address the evolving needs of its customers and to comply with the regulatory standards set by the Romanian Financial Supervisory Authority (FSA).
The decision to increase the investment plan was disclosed in compliance with Law 24/2017 on issuers of financial instruments and market operations, as well as FSA Regulation no. 5/2018. The announcement was made in a report to the aforementioned regulatory bodies and stock exchanges.
Electrica's CEO, Alexandru-Aurelian Chirita, signed off on the report confirming the CAPEX plan adjustment. This move signifies a forward-looking approach by Electrica to bolster its infrastructure investments and to potentially enhance shareholder value.
The information regarding Electrica's augmented CAPEX for 2024 is based on a press release statement issued by the company. This development is likely to be of interest to investors and market watchers monitoring the company's financial strategies and capital allocation decisions.
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