Hello, everybody. We'll go to the 2024 financial result highlights. As the opening comment, we do not have any differences from prior presented data as a preliminary financial statement. We'll go ahead. In terms of financial results, we ended up 2024 with a net profit of RON 1.7 billion, almost RON 800 million less than 2023, but with RON 400 million better than the 2024 revised budget. As you may already know, the main drivers are the electricity prices. We had a 37% lower average price in 2024 versus 2023, and also slightly lower energy quantity sold in previous year. Also linked to the electricity prices, we have RON 2.3 billion less windfall tax coming from the prices versus the cap of RON 150 until April 2024, and the new cap of RON 400 from April 2024 onwards.
The financial result is lower with RON 100 million, mainly based on the reduced interest on the deposits that we had in the year following the lower interest curve we had in the market. We also have an OpEx increase of 14.4% following the economical trends and the inflation experienced in the post-pandemic years, including 2024. What we have here, we have also a provision for the minimum income tax. This will be revised once the norms for the specific legislation will be published, which was not done yet. We have also the detailed income statement, but we will not spend too much time here. We'll go on the net result evolution. As you can see, basically, we have two big drivers in the reduction of net profit. One is reduced revenue from the electricity sales, and the positive one, the reduction in windfall tax.
These are the main two drivers for the decrease in net profit in 2024 versus 2023. In terms of financial position, we have an increase in non-current assets of RON 663 million. RON 720 million, it's increasing financial assets. Basically, these are the loans that we provided to our project company, RoPower Nuclear, for the SMR project, plus RON 356 million. Also the loan drawdown by EnergoNuclear, RON 361 million, including interest. We have also a net reduction on the tangible assets, mainly recognizing the depreciation related to the year. In terms of current assets, we have an increase of 5.9% or RON 332 million. This is coming mainly from increasing inventory due to large acquisition of uranium in December 2024, so the year-end, and a decrease in the trade receivables of RON 277 million.
Basically, these are coming on the heels of the reduced prices in the market. Also, we have a reduction in cash and cash equivalents, including deposit of RON 150 million. This is netted by an increase of RON 69 million or an increase of other financial assets, basically mainly treasury certificates. We have an increase in current liabilities of 33% or RON 343 million. This is coming from increasing payable accounts. Main impact here, it's the prices in the market. Good news, in December 2024, we do not have any leverage, no borrowing, as the EUR home loan was fully paid in November 2024. In terms of sales of electricity, basically, we see here also the impact on the pricing split on the different markets.
Basically, the main impact is coming from the competitive market, where we have the largest deviation of RON 2.5 billion coming from the pricing, and a very small one, RON 830,000, coming from the quantity. In terms of sales structure, we can see here very well the evolution of the sales prices based on the different markets, market, spot, competitive, and also the average. Basically, on average, we dropped from a 2023 price level of RON 706 per megawatt towards a point of RON 451 per megawatt. Basically, this is the market recovery after the post-Ukraine war shocks in 2022 and 2023, and also the effect of the market regulatory structures. On competitive market, the quantity of electricity sold during 2024 was 25.5% of the sales, compared with 41.6% in 2023.
On the pricing, we had an average price of RON 474 per megawatt without transport, a 55% decrease compared to the average price in 2023 of RON 1,555 per megawatt, also without transport. Also, on the spot market, we had a lowering of price from RON 513 almost per megawatt to RON 433 per megawatt. In terms of OpEx, the 2024 OpEx was lowered with RON 2 billion versus the 2023 one or 40% lower, and RON 240 versus the rectified budget. The drivers also on the OpEx, basically, is the windfall tax, the contribution to the transition fund, which was a decrease of RON 2.33 billion, also on the heels of the lower energy prices. We had a significant increase on traded electricity of 144%, mainly due to an increase of the days of unplanned outage and also with the impact on the balancing market.
In terms of uranium, the cost of uranium fuel had an expense increase of 32.4%, basically coming from increasing the weighted average cost of fuel bundles. Uranium as a commodity experienced a quite significant increase in 2024. In terms of the other costs, like the present maintenance, water, and energy, we had increases in cost. In CapEx, in 2024, we have spent almost RON 1.3 billion. In 2023, it was only RON 630 million, our total investment program of RON 1.31 billion. We had an increased degree of completion compared to the similar period in previous years, 98.7% versus 2023 of 88.8%. Basically, this shows also the increased maturity of our CapEx programs, like the refurbishment and also pre-employed and the other projects. Now, we'll go on a short presentation on the update on the large CapEx projects.
On 19 December 2024, Nuclearelectrica and an international consortium formed by Candu Energy, Alfa Nucleare, Canada Commercial Corporation, and Korea Hydro & Nuclear Power signed the engineering, procurement, and construction contract for the advancement of the Chernobyl unit one refurbishment. The contract estimated value to EUR 1.9 billion, which was also approved, of course, by the SNN general meeting of shareholders. In terms of unit 3 and 4 projects, one through our project company EnergoNuclear, the main happening here was the approval and the signing of the EPCM contract between EnergoNuclear and a joint venture formed by Fluor Energy Transition, Candu Energy, Ansaldo Nucleare, Sargent & Lundy Engineers, and Sargent & Lundy Energy for the engineering, procurement, and construction management contract for the limited notice to proceed phase for the new reactors three and four. This was signed in Baku with the occasion of the COP29.
The value of the contract for both LNTP phase and FNTP, final notice to proceed phase, is estimated at EUR 3.2 billion. It has a duration of 108 months, 24-30 months for the LNTP phase, and subject to investment decision approval. We have also the FNTP phase of 80 to 84 months. This LNTP phase should have a deliverable towards the end of year 2026 when we will have more data in order to assess the project. In terms of the SMRs, in December 2024, we had a GMS resolution approving the negotiation started by RoPower with USFCM regarding a credit facility of $98 million necessary to finance the feed-to-stage of the SMR projects. Tritium removal facility project. As you know, in June, Korea Hydro & Nuclear Power and Nuclearelectrica signed the EPC contract. We have here a deadline of 2027 for the finalization of the project.
I mentioned again that this would be the first tritium removal facility in Europe and one of the few in the world. This initiative marks an important step forward in nuclear technology and environmental protection, also in accordance with the sustainability objectives of the European Union. Last but not least, as you know, in November 2024, Nuclearelectrica and Framatome announced the signing of the collaboration agreement for the production of the medical isotope potassium-177 in the Cernavoda nuclear power plant. As you may already know, this specific isotope is highly regarded as very effective in the treatment of cancer. We are foreseeing a commercial application of this project in year 2028. I will not go through the technical performances. As you may see on the graph, we do not have anything special to report or is in line on this topic. Yeah.
I want also to mention and update the quarterly report for the Q1 of the year 2025. It will be on the 22nd of May instead of the 14th of May, based on some new regulations regarding the publication of consolidated financial statements. You have also the updated calendar on your screens. Thank you very much. We are standing by for your questions. Any questions? Do you have any questions?
Hello. It's Andrei [inaudible] Securities. I have one question. Can you give an update on your unit 3 and 4 project? What are key milestones planned for this year? Can you elaborate a bit on this?
Sure. Here, the EPCM contract was signed in November last year. This contract will, how to say, will have a final deliverable at the end of 2026. Out of this work, we'll have sufficient information in terms of engineering, procurement, CapEx level, and so on, and timeline to go through investment decision gate most likely at the beginning of 2027. The status is that for 2025 and 2026, EnergoNuclear team together with the consortium are working on these aspects which are called in the EPCM contract. Any talks with the government on CFD or any other support for these units? As you know, for this project, there is already a law passed, I think, in 2024. There are a few measures already assumed by the government. Once, it will be a contribution in kind in terms of heavy water, uranium, and the first nuclear loads in these reactors.
That will be a contribution in kind. Also, t here is mention of the availability of state sovereign warranty for the loans necessary for the construction of these reactors of 100% state warranty. We have a strong assuming from the government on this project. Okay. As of now, any risks related to exceeding budget or delays are relying on Nuclearelectrica. Am I right or not? Yes, but basically, we don't have where to go over budget. Basically, now we are running this EPCM contract. Out of this, we'll have a clear picture, actually, on the budget of the whole project. This is one of the, how to say, deliverables that we are waiting at the end of next year.
Okay. Can you tell me what is the total budget for refurbishment of the unit 1?
It's EUR 3.2 billion.
Okay. Thank you very much. That's all from my side.
That's an overnight. T hat's an overnight.
Okay. 3.2. Okay.
Any other questions? Okay. Since you don't have any more questions, we will close it here. Thank you very much for taking part in this teleconference. We will publish both the audio file and the presentation on the website. For those of you who have already sent a confirmation, we are going to send the presentation and the audio file by email as well straight to you. Thank you very much. We wish you a good afternoon. Bye.
Thank you. Bye-bye.
Thank you. Bye-bye.
Bye.