Power consumption rose around 4% yoy in April and May

Over the first three months of the year, consumption rose around 3% yoy while quantities transmitted, which are directly related to the level of transportation revenues earned by Transelectrica, dropped 3.4% yoy. This reveals no clear dependence between consumption and quantities transported. We expect an improvement in volumes transmitted over the next quarters compared with 1Q 2010 and we took into account a drop of just 2% yoy in 2010. We believe the news confirms our estimate, thus we see its impact as neutral on TEL stock price.

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