According to two releases from Romania's Regulatory Authority in the Energy Sector (ANRE), gas consumption dropped by 14.3% yoy in October and 19% in November. The decline came from weaker consumption of households and industrial users, including energy producers, though chemical producers registered higher volumes consumed. Part of the fall can be explained by the warmer weather, and part is probably due to weakening industrial growth. The news came as a surprise for us as Petrom started in August commercial operations at its gas power plant and we were expecting the plant consumption to lift total volumes consumed.

We expect the weaker consumption to have a marginal negative influence on Petrom, lower volumes of gas sold impacting its profit from the Gas and Power segment, and a negative influence on Transgaz, on an expected similar drop in quantities transported.

Source: bne