Transelectrica is expected to report its 4Q07 unconsolidated Romanian Accounting Standards results on Thursday, 14 February after market close. We expect Transelectrica to post RON 51.5m nconsolidated net profit in 4Q07 versus a loss of RON 22m in 3Q07 and down 54.6% y/y. We expect a neutral market reaction as our estimates are in line with the consensus.