Transelectrica is trading at RON 93.00, up +4.38%, driven by investor reaction to: * The signing of two financing agreements worth over RON 350 million from the Modernisation Fund for grid investments. * Management's expectation to recover the remaining RON 15 million regulatory backlog by September 30, followed by an anticipated tariff reduction from October 1 to prevent over-earning. * Ongoing modernization spending provides longer-term support, while the tariff adjustment will moderate future pass-through earnings.